22.2 C
New York
Tuesday, July 27, 2021

YES Bank sells AMC arm to Prashant Khemka-backed GPL Finance

Must read

West Virginia city makes final pitch in opioid lawsuit seeking $2.5 billion

Stock Markets7 minutes ago (Jul 27, 2021 06:36AM ET) (C) Reuters. FILE PHOTO: A general view of the courthouse where the three largest U.S. drug...

BOLSA ÁSIA-Ações de Hong Kong e China caem com temores sobre regulamentação, iuan cai

Ações8 minutos atrás (27.07.2021 07:35) © Reuters. Telão na Bolsa de Valores de Xangai 28/02/2020 REUTERS/Aly Song Por Andrew Galbraith XANGAI (Reuters) - As ações da China e...

China Markets Panic, Tesla Beats, Coffee Soars, Apple Due – What’s Moving Markets

(C) Reuters. By Geoffrey Smith Investing.com -- Panic selling hits Chinese stock and bond markets as foreign investors are rumored to head for the...

3M Earnings, Revenue Beat in Q2

Stock Markets10 minutes ago (Jul 27, 2021 06:33AM ET) (C) Reuters. 3M Earnings, Revenue Beat in Q2 Investing.com - 3M reported on Tuesday second quarter earnings...

Mumbai: Private lender YES Bank said on Friday it has agreed to sell its asset management arm to Prashant Khemka-backed GPL Finance and Investments. The lender however, did not disclose the value of the deal.

In a stock exchange filing, the bank said it has executed a definitive agreement for the sale of 100 per cent of the equity shareholding of their wholly-owned units YES Asset Management (India) (YES AMC) and YES Trustee (YTL), both wholly to GPL Finance and Investments.

White Oak Investment Management owns 99 per cent of the GPL Finance, which in turn is 99.99 per cent owned by Prashant Khemka.

Khemka boutique investment management and investment advisory firm White Oak Capital Management in June 2017. He was the former CIO and lead portfolio manager of GS India Equity at Goldman Sachs Asset Management (GSAM) from March 2007 – 2017.

The bank said the transaction is subject to requisite regulatory approvals from the regulatory authorities.

YES AMC is the asset management company of YES Mutual Fund and YES Trustee is the trustee of YES Mutual Fund.

YES Mutual Fund, had assets under management of Rs 57 crore as of June 2020, down from Rs 2,000 crore in March 2019.

On August 3, ET had reported YES Bank had decided to sell its mutual fund business as the private lender plans to focus on its core businesses.

The bank, which was taken over by lenders led by State Bank of India as part of a rescue package, has received proposals from six entities expressing interest to takeover, according to the report.

At 2:52 pm, YES Bank shares were down 1.1 per cent at Rs 15.59 per share, while benchmark Sensex rose 0.7 per cent to 38,501.

- Advertisement -

Latest article

West Virginia city makes final pitch in opioid lawsuit seeking $2.5 billion

Stock Markets7 minutes ago (Jul 27, 2021 06:36AM ET) (C) Reuters. FILE PHOTO: A general view of the courthouse where the three largest U.S. drug...

BOLSA ÁSIA-Ações de Hong Kong e China caem com temores sobre regulamentação, iuan cai

Ações8 minutos atrás (27.07.2021 07:35) © Reuters. Telão na Bolsa de Valores de Xangai 28/02/2020 REUTERS/Aly Song Por Andrew Galbraith XANGAI (Reuters) - As ações da China e...

China Markets Panic, Tesla Beats, Coffee Soars, Apple Due – What’s Moving Markets

(C) Reuters. By Geoffrey Smith Investing.com -- Panic selling hits Chinese stock and bond markets as foreign investors are rumored to head for the...

3M Earnings, Revenue Beat in Q2

Stock Markets10 minutes ago (Jul 27, 2021 06:33AM ET) (C) Reuters. 3M Earnings, Revenue Beat in Q2 Investing.com - 3M reported on Tuesday second quarter earnings...

3M: lucros e receita superam consenso no Q2

Ações10 minutos atrás (27.07.2021 07:33) © Reuters. 3M: lucros e receita superam consenso no Q2 Investing.com - 3M publicou nesta terça-feira o balanço do segundo trimestre...