Go ahead! CCI approves acquisition of YES AMC, YES Trustee Limited by GPL Finance

The Competition Commission of India (CCI) has approved the acquisition of YES Asset Management (India) Limited (YES AMC) and YES Trustee Limited (YES Trustee) by GPL Finance and Investments Limited (GPL) today, a government release said. 

YES AMC which belongs to the YES Bank Limited group is an asset management company/ investment manager to YES Mutual Fund. 

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Meanwhile, YES Trustee also belongs to the YES Bank group. It is the exclusive owner of the trust fund of YES Mutual Fund and holds the same in trust for the benefit of the unitholders. 

The proposed combination envisages acquisition of 100 per cent equity shares of YES AMC and YES Trustee by GPL, the release said. By way of these acquisitions, GPL will acquire Yes Mutual Fund and become its sole sponsor, it further said. 

GPL is registered with the Reserve Bank of India as a non-deposit taking and non- systemically important Non-Banking Financial Company.  

It is classified as an investment company and is primarily engaged in the business of making investments in mutual funds and providing referral and support services to White Oak Capital. GPL is part of the White Oak Group. The White Oak group is an investment management and investment advisory group founded by Prashant Khemka. 

The stocks of Yes Bank today ended at Rs 13.40 on the NSE, gaining by almost 0.4 per cent from the previous closing price on Monday.