.2 min reviewed Last Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Count on Monday claimed Sonata Money management Private Ltd and also BSS Microfinance Ltd, both wholly-owned subsidiaries of the banking company, at their particular board conferences have approved a program of combinations.Based on the program of combinations permitted on Monday, Sonata will combine along with BSS Microfinance Ltd on a going worry manner, Kotak Mahindra Bank mentioned in a governing submitting.The program will undergo the approval of the particular shareholders and lenders of Sonata and also BSS and also the approval of the anxious National Business Legislation Tribunal (NCLT) and other regulative authorizations, it said.The mixed net worth of Sonata as well as BSS is less than 2 percent of the net worth of the bank, as on March 31, 2024, it mentioned.Sonata and BSS Microfinance deal is at an arm's span price based upon valuation report obtained from an individual authorized valuer, it mentioned.BSS would certainly give out as well as set aside to the shareholders of Sonata shares in proportion of 1,931 portions of face value of Rs 10 each in BSS for every 10,000 shares of face value of Rs 10 each stored by them in Sonata pursuant to scheme of combination, it claimed.The scheme of intermixture is between two unreported subsidiaries of the banking company and the banking company is certainly not a party to the scheme, it said.Consequently of the amalgamation, it mentioned, there will be no adjustment in the shareholding pattern of the bank.BSS and Sonata work as service reporters for the bank as well as give mini money management, unprotected tiny ticket financings as well as small value secured car loans to girls debtors and people in support of the financial institution.Sonata's total assets was actually Rs 389 crore while BSS' stood at Rs 1,010 crore in the end of March 31, 2024.Kotak Mahindra Banking company revealed acquisition of Sonata Financing in February 2023. Acknowledgment: Companies regulated due to the Kotak household have a considerable holding in Company Criterion Pvt Ltd. 1st Published: Aug 12 2024|9:17 PM IST.