Yes Bank acquires 5pc stake in proxy advisory firm IiAS
MUMBAI: Private sector lender Yes Bank on Thursday said that it has purchased 5% stake in proxy advisory firm, Institutional Investor Advisory Service (IiAS).
In a notification to the exchanges, the bank said that it has purchased 500,750 equity shares in the proxy advisory firm from the BSE, which is the equivalent of 5.006% of the paid-up capital of IiAS. IiAS dedicated to providing participants in the Indian market with independent opinion, research and data on corporate governance issues as well as voting recommendations on shareholder resolutions.
In January, Kotak Mahindra Bank had announced that it had purchased 10% stake worth Rs.1 crore in the proxy advisory firm from BSE.
Investors in IiAS include Axis Bank Ltd, BSE Ltd, Fitch Group Inc., Housing Development Finance Corp. (HDFC), ICICI Prudential Life Insurance, Kotak Mahindra Bank Ltd, Tata Investment Corp. and UTI Asset Management Co. Ltd, according to information available on the company's website. In addition, individuals including Anil Singhvi, Deven Sharma, R. Jayakumar and Amit Tandon also own equity shares in the company.