.2 minutes read Last Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Count on Monday said Sonata Finance Private Ltd and BSS Microfinance Ltd, each wholly-owned subsidiaries of the bank, at their particular board appointments have actually authorized a plan of combination.Based on the system of amalgamation approved on Monday, Sonata would merge with BSS Microfinance Ltd on a going concern manner, Kotak Mahindra Banking company claimed in a regulative filing.The plan would certainly go through the approval of the particular investors as well as creditors of Sonata and also BSS and the commendation of the worried National Firm Legislation Tribunal (NCLT) and other governing authorities, it mentioned.The consolidated total assets of Sonata and also BSS is actually lower than 2 percent of the total assets of the financial institution, as on March 31, 2024, it mentioned.Sonata and BSS Microfinance deal is at an arm's size cost based on assessment report acquired coming from an independent licensed valuer, it stated.BSS would certainly provide and allocate to the shareholders of Sonata cooperate portion of 1,931 allotments of face value of Rs 10 each in BSS for each 10,000 reveals of stated value of Rs 10 each stored by all of them in Sonata according to scheme of combination, it said.The system of combination is in between two unrecorded subsidiaries of the bank and also the bank is actually not a gathering to the scheme, it claimed.Consequently of the intermixture, it claimed, there will be no modification in the shareholding design of the financial institution.BSS and also Sonata serve as service correspondents for the bank and also give micro money management, unsafe tiny ticket fundings as well as small worth safeguarded car loans to females consumers as well as individuals in support of the loan provider.Sonata's net worth was Rs 389 crore while BSS' stood at Rs 1,010 crore at the end of March 31, 2024.Kotak Mahindra Financial institution declared acquisition of Sonata Finance in February 2023. Acknowledgment: Facilities handled by the Kotak family have a significant holding in Service Specification Pvt Ltd. Very First Published: Aug 12 2024|9:17 PM IST.