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  New Delhi : Financial specialists are profoundly excited almost the Dependence Jio IPO and are anticipating it with awesome expectation. After two decades, Dependence Businesses is set to dispatch an IPO for one of its major commerce units. Presently, Mukesh Ambani has given a critical upgrade with respect to this Jio IPO . The draft outline for Jio Stages is anticipated to be recorded following month. This may possibly be the biggest IPO in the country's history. Dependence has designated a consortium of 19 banks to oversee this process.   Mukesh Ambani, Chairman of Dependence Businesses, has dropped a major indicate with respect to the exceedingly expected IPO of Jio Stages. Depicting it as a "definitive breakthrough," Ambani signaled that the company is quickly progressing in its arrangements for what is balanced to be India's largest-ever IPO. Talking amid the company's profit discharge, Ambani expressed, "I am satisfied to share that we are making...
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Yes bank wants to exit mutual fund business

 

Yes bank wants to exit mutual fund business



Private sector Yes Bank mutual funds will exit the business. The bank said on Friday that it would sell its stake in asset management and trustee subsidiaries. In a communication sent to the stock markets, the bank said that on August 21, it had acquired 100 per cent stake in Yes Bank Asset Management (India) Limited and Yes Trustee Limited, GPL. Finance and Investments Limited has a firm agreement to sell. Both are wholly owned subsidiaries of Yes Bank.

 

Yes Bank said that White Oak Investment Pvt Ltd holds a 99 per cent stake in the acquiring company, but ultimately the beneficiary of the buyer company is Prashant Khemka, who owns White Oak Investment Management Pvt Ltd. Holds 99.99 per cent stake. The bank said that necessary approvals from regulatory authorities are yet to be obtained for the deal.

 

YesAMC is an asset management company of Yes Mutual Fund. YTL is a trustee of Yes Mutual Fund. Yes Bank said that after the completion of the deal, the subsidiaries of YesAMC and YTL Bank will cease to be and will exit the mutual fund business. The bank said that it would complete the sale deal of its subsidiaries within 8 to 12 months from the execution of the pact.

 

Currently, the bank has no promoter. YesAMC's revenue share in the financial year 2019-20 was Rs 33 lakh, which is negligible in percentage. The net asset share of AMC during the year is Rs 49.7 crore, which is negligible in percentage. YTL's revenue and net asset share remained nil during the year. GPL Finance and Investment Limited is an NBFC that will acquire 100 per cent of YesAMC and YTL.


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