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YES Bank has quit the mutual fund business by selling its entire shareholding to GPL Finance and Investments, a subsidiary of White Oak Investment Management, for undisclosed amount. The deal is expected to be completed in 8-12 months. YES Bank has executed a definitive agreement for the sale of 100 per cent of the equity shareholding of Yes Asset Management and Yes Trustee, both wholly owned subsidiaries, to GPL Finance it said in a statement on Friday. The ultimate beneficial holder of the deal is Prashant Khemka who owns 99.99 per cent of White Oak Investment Management Pvt Ltd, it added. Yes Asset Management Company had generated revenue of ₹33 crore and its net worth was ₹50 crore last fiscal. The mutual fund business did not contribute anything to YES Bank last fiscal, it said.
The transaction is subject to requisite regulatory approvals from the regulatory authorities.
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