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Yes Bank to sell stake in subsidiaries to GPL Finance

The ultimate beneficial holder of the purchaser is Prashant Khemka, who owns 99.99 percent of White Oak Investment Management Private Limited, the bank said.

August 22, 2020 / 08:07 AM IST
 
 
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Yes Bank will sell stake in two subsidiaries for an undisclosed sum to Prashant Khemka-owned GPL Finance and Investments Limited, the private sector lender has said.

The bank on August 21 executed a definitive agreement for the sale of 100 percent of the equity shareholding of YES Asset Management and YES Trustee Limited, both wholly-owned subsidiaries, to GPL Finance, it said in an exchange note.

White Oak Investment Management Private Limited owns 99 percent of the purchaser. The ultimate beneficial holder of the purchaser is Khemka, who owns 99.99 percent of White Oak Investment Management Private Limited, the bank said.

The transaction is subject to requisite regulatory approvals from the Regulatory Authorities, it said.
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Tags: #Yes Bank
first published: Aug 21, 2020 03:54 pm

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