Mumbai: Birla Capital and Financial Services Ltd, part of the Yash Birla group, on Thursday said it has agreed to sell its stake in two subsidiaries—Birla Gold and Precious Metals Pvt. Ltd and Birla Financial Distribution Pvt. Ltd.

The company did not disclose the name of the buyer or the value of the deal. After the sale, both companies will cease to be subsidiaries, it said in a filing to the stock exchanges.

The Yash Birla group is under investigation for allegedly defaulting on paying investors in a fixed-deposit scheme run by a group company. On 31 December, the Economic Offences Wing of the Mumbai Police registered a first information report against Birla Power Solutions Ltd and Yash Birla after receiving complaints from investors in the company’s fixed deposit scheme who have alleged Birla Power has defaulted on payments, Mint reported in March. The company owes about 214 crore to 8,800 investors, according to police.

At 1.57pm, shares of Birla Capital and Financial Services were up 4.03% to 1.29 on BSE, while the benchmark Sensex was down 0.8% to 26,530.07 points.

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