.2 min read through Last Improved: Aug 12 2024|9:17 PM IST.Kotak Mahindra Bank on Monday pointed out Sonata Money management Private Ltd and also BSS Microfinance Ltd, both wholly-owned subsidiaries of the bank, at their particular board conferences have actually accepted a program of intermixture.According to the scheme of amalgamation authorized on Monday, Sonata will merge with BSS Microfinance Ltd on a going concern basis, Kotak Mahindra Financial institution mentioned in a regulative submitting.The system would certainly undergo the approval of the respective investors as well as creditors of Sonata as well as BSS and also the commendation of the worried National Business Rule Tribunal (NCLT) and also various other regulative authorities, it claimed.The combined net worth of Sonata and also BSS is actually less than 2 per cent of the total assets of the bank, as on March 31, 2024, it said.Sonata as well as BSS Microfinance deal is at an upper arm’s duration price based on evaluation report secured from a private registered valuer, it stated.BSS will issue and set aside to the shareholders of Sonata shares in portion of 1,931 shares of stated value of Rs 10 each in BSS for every 10,000 portions of face value of Rs 10 each held through them in Sonata according to system of amalgamation, it said.The scheme of combination is actually between 2 unlisted subsidiaries of the banking company and the banking company is not a gathering to the system, it pointed out.Consequently of the combination, it mentioned, there would be no improvement in the shareholding pattern of the banking company.BSS as well as Sonata function as organization reporters for the banking company as well as offer micro money management, unprotected small ticket finances as well as tiny value protected car loans to women debtors and also people in behalf of the lender.Sonata’s total assets was actually Rs 389 crore while BSS’ stood up at Rs 1,010 crore by the end of March 31, 2024.Kotak Mahindra Bank introduced acquisition of Sonata Money in February 2023. Declaration: Facilities managed due to the Kotak household have a significant holding in Organization Criterion Pvt Ltd. First Posted: Aug 12 2024|9:17 PM IST.