.2 minutes went through Last Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Bank on Monday claimed Sonata Financing Private Ltd and also BSS Microfinance Ltd, both wholly-owned subsidiaries of the bank, at their respective board conferences have authorized a scheme of amalgamation.As per the program of intermixture permitted on Monday, Sonata would combine with BSS Microfinance Ltd on a going issue manner, Kotak Mahindra Banking company claimed in a governing declaring.The program will undergo the commendation of the respective shareholders as well as lenders of Sonata and BSS and also the approval of the anxious National Firm Law Tribunal (NCLT) and also various other governing authorities, it claimed.The combined net worth of Sonata and BSS is lower than 2 per cent of the net worth of the banking company, as on March 31, 2024, it claimed.Sonata and BSS Microfinance transaction is at an upper arm's size cost based upon evaluation record obtained coming from a private authorized valuer, it stated.BSS will release as well as allocate to the shareholders of Sonata shares in proportion of 1,931 shares of stated value of Rs 10 each in BSS for every 10,000 portions of stated value of Rs 10 each held through all of them in Sonata according to system of combination, it stated.The program of amalgamation is actually between 2 non listed subsidiaries of the banking company and the financial institution is not a celebration to the system, it stated.Consequently of this amalgamation, it said, there would be actually no modification in the shareholding design of the banking company.BSS and Sonata act as company reporters for the bank and provide mini money, unsafe small ticket car loans and also tiny value gotten lendings to ladies consumers as well as people on behalf of the lending 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 Bank revealed achievement of Sonata Money management in February 2023. Acknowledgment: Bodies controlled by the Kotak loved ones possess a considerable holding in Company Criterion Pvt Ltd. First Published: Aug 12 2024|9:17 PM IST.