.2 minutes reviewed Final Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Bank on Monday stated Sonata Financial Private Ltd and BSS Microfinance Ltd, each wholly-owned subsidiaries of the banking company, at their particular board meetings have accepted a plan of amalgamation.According to the program of combinations permitted on Monday, Sonata would certainly merge with BSS Microfinance Ltd on a going problem manner, Kotak Mahindra Banking company said in a regulative declaring.The scheme would certainly go through the approval of the corresponding shareholders and collectors of Sonata and BSS and the approval of the concerned National Business Law Tribunal (NCLT) and also other regulative authorities, it said.The consolidated net worth of Sonata as well as BSS is lower than 2 per cent of the net worth of the bank, as on March 31, 2024, it stated.Sonata and also BSS Microfinance transaction is at an arm's span price based upon assessment record gotten coming from an independent registered valuer, it pointed out.BSS would provide as well as allocate to the investors of Sonata cooperate proportion of 1,931 allotments of face value of Rs 10 each in BSS for every 10,000 reveals of stated value of Rs 10 each held by all of them in Sonata pursuant to program of combination, it pointed out.The system of combination is actually in between pair of non listed subsidiaries of the banking company as well as the banking company is actually certainly not a party to the program, it said.Therefore of this combination, it mentioned, there would certainly be actually no modification in the shareholding design of the financial institution.BSS and also Sonata function as company reporters for the banking company and supply small financing, unsafe small ticket lendings and small market value safeguarded loans to females consumers and people on behalf of the finance company.Sonata's total assets was Rs 389 crore while BSS' stood at Rs 1,010 crore by the end of March 31, 2024.Kotak Mahindra Bank revealed acquisition of Sonata Money in February 2023. Disclosure: Bodies controlled by the Kotak family members have a considerable holding in Organization Specification Pvt Ltd. 1st Released: Aug 12 2024|9:17 PM IST.