.2 min read Final Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Count on Monday stated Sonata Money management Private Ltd and BSS Microfinance Ltd, each wholly-owned subsidiaries of the financial institution, at their respective board appointments have actually accepted a plan of combination.Based on the plan of combination authorized on Monday, Sonata would combine with BSS Microfinance Ltd on a going worry manner, Kotak Mahindra Bank stated in a governing submission.The program would be subject to the commendation of the corresponding shareholders and creditors of Sonata and BSS and also the commendation of the concerned National Business Regulation Tribunal (NCLT) and other governing authorities, it mentioned.The consolidated net worth of Sonata and also BSS is less than 2 per-cent of the net worth of the financial institution, as on March 31, 2024, it said.Sonata as well as BSS Microfinance transaction is at an arm's length rate based on valuation file gotten coming from an independent professional valuer, it stated.BSS would certainly provide as well as allot to the shareholders of Sonata cooperate portion of 1,931 portions of stated value of Rs 10 each in BSS for each 10,000 allotments of face value of Rs 10 each held through all of them in Sonata according to program of combination, it mentioned.The program of combinations is actually between 2 unrecorded subsidiaries of the bank and the banking company is actually certainly not an event to the plan, it said.Therefore of the combination, it claimed, there would certainly be no adjustment in the shareholding design of the bank.BSS and Sonata serve as service reporters for the financial institution and provide small financial, unsafe small ticket finances and also tiny market value safeguarded loans to girls borrowers and also individuals in support of the creditor.Sonata's total assets was actually Rs 389 crore while BSS' stood at Rs 1,010 crore by the end of March 31, 2024.Kotak Mahindra Banking company declared acquisition of Sonata Finance in February 2023. Declaration: Facilities handled by the Kotak loved ones have a notable holding in Service Criterion Pvt Ltd. Very First Released: Aug 12 2024|9:17 PM IST.