We consider an equilibrium single-species homogeneous Bose gas from which a proportion of the atoms are instantaneously and coherently transferred to a second species, thereby forming a binary Bose gas in a non-equilibrium initial state. We study the ensuing evolution towards a new equilibrium, mapping the dynamics and final equilibrium state out as a function of the population transfer and the interspecies interactions by means of classical field methods. While in certain regimes, the condensate fractions are largely unaffected by the population transfer process, in others, particularly for immiscible interactions, one or both condensate fractions are vastly reduced to a new equilibrium value.