.2 minutes reviewed Last Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Count on Monday said Sonata Financing Private Ltd and also BSS Microfinance Ltd, both wholly-owned subsidiaries of the banking company, at their corresponding panel appointments have actually accepted a plan of combinations.Based on the scheme of amalgamation accepted on Monday, Sonata will combine with BSS Microfinance Ltd on a going worry manner, Kotak Mahindra Financial institution stated in a governing submitting.The plan will undergo the commendation of the corresponding shareholders as well as collectors of Sonata and also BSS and also the approval of the interested National Provider Law Tribunal (NCLT) and also other regulatory authorities, it mentioned.The mixed net worth of Sonata as well as BSS is actually less than 2 percent of the total assets of the bank, as on March 31, 2024, it mentioned.Sonata as well as BSS Microfinance transaction is at an upper arm's span price based on evaluation file gotten coming from an independent licensed valuer, it stated.BSS will issue and also allocate to the investors of Sonata cooperate portion of 1,931 portions of stated value of Rs 10 each in BSS for each 10,000 allotments of stated value of Rs 10 each held through all of them in Sonata pursuant to scheme of intermixture, it mentioned.The system of intermixture is between pair of unreported subsidiaries of the financial institution and also the banking company is actually not an event to the scheme, it pointed out.Therefore of this combination, it pointed out, there will be actually no modification in the shareholding design of the financial institution.BSS as well as Sonata function as business reporters for the banking company and also provide small finance, unprotected small ticket finances and small worth safeguarded car loans to girls customers and also individuals in support of the financial institution.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 Banking company revealed acquisition of Sonata Financial in February 2023. Declaration: Companies managed due to the Kotak household possess a significant holding in Company Criterion Pvt Ltd. Very First Released: Aug 12 2024|9:17 PM IST.