.2 minutes read Last Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Count on Monday stated Sonata Financing Private Ltd and also BSS Microfinance Ltd, each wholly-owned subsidiaries of the bank, at their corresponding panel meetings have actually approved a program of combination.As per the plan of amalgamation approved on Monday, Sonata will combine along with BSS Microfinance Ltd on a going concern manner, Kotak Mahindra Banking company mentioned in a governing submitting.The program will go through the approval of the corresponding investors and collectors of Sonata and also BSS as well as the approval of the anxious National Firm Rule Tribunal (NCLT) as well as other governing authorities, it mentioned.The combined total assets of Sonata as well as BSS is actually lower than 2 per cent of the total assets of the banking company, as on March 31, 2024, it said.Sonata and BSS Microfinance transaction is at an arm's span cost based on evaluation report secured coming from an independent authorized valuer, it stated.BSS would release as well as set aside to the investors of Sonata cooperate proportion of 1,931 portions of stated value of Rs 10 each in BSS for each 10,000 portions of face value of Rs 10 each kept by all of them in Sonata pursuant to system of amalgamation, it claimed.The system of combination is between pair of unreported subsidiaries of the banking company as well as the bank is actually certainly not a party to the plan, it claimed.As a consequence of this amalgamation, it pointed out, there would be no improvement in the shareholding design of the bank.BSS and Sonata serve as company correspondents for the banking company and also give micro money management, unprotected small ticket fundings as well as little value safeguarded fundings to girls consumers as well as people on behalf of the lender.Sonata's net worth was actually 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. Acknowledgment: Companies managed by the Kotak household have a substantial holding in Organization Requirement Pvt Ltd. First Published: Aug 12 2024|9:17 PM IST.