CCI approves sale of YES Bank's MF subsidiaries to GPL Finance

Fair trade regulator Competition Commission of India (CCI) on Tuesday approved the acquisition of Yes Asset Management (India) Ltd and Yes Trustee Limited by GPL Finance and Investments Ltd.

The proposed combination envisages the acquisition of 100 per cent equity shares of the two entities by GPL, as per a release.

"By way of these acquisitions, GPL will acquire Yes Mutual Fund and become its sole sponsor," the release added.

GPL Finance is a non-deposit-taking and non-systemically important non-banking financial company.

In August 2020, the private lender had executed a definitive agreement for the sale of 100 per cent of the equity shareholding of Yes Asset Management (India) Ltd and Yes Trustee Ltd, both wholly-owned subsidiaries of Yes Bank to GPL Finance and Investments, it had said in a regulatory filing.

"White Oak Investment Management Private Limited owns 99 per cent of the purchaser. The ultimate beneficial holder of the purchaser is Prashant Khemka who owns 99.99 per cent of White Oak Investment Management Private Limited," Yes Bank had said.

In a tweet, the regulator on Tuesday said, "Commission approves the acquisition of 100 per cent equity shares of YES Asset Management (India) and YES Trustee by GPL Finance and Investments.