.2 minutes read through Final Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Rely on Monday said Sonata Finance Private Ltd as well as BSS Microfinance Ltd, each wholly-owned subsidiaries of the bank, at their respective board meetings have authorized a program of amalgamation.Based on the program of combinations permitted on Monday, Sonata will combine along with BSS Microfinance Ltd on a going concern basis, Kotak Mahindra Bank mentioned in a regulatory declaring.The program would certainly go through the approval of the respective shareholders as well as lenders of Sonata and BSS and also the approval of the concerned National Firm Rule Tribunal (NCLT) and various other regulative authorities, it stated.The bundled net worth of Sonata and BSS is less than 2 per cent of the total assets of the banking company, as on March 31, 2024, it pointed out.Sonata and also BSS Microfinance purchase goes to an arm's length price based upon appraisal report secured coming from an individual professional valuer, it claimed.BSS would certainly release and also allocate to the shareholders of Sonata shares in percentage of 1,931 portions of stated value of Rs 10 each in BSS for each 10,000 shares of face value of Rs 10 each held through them in Sonata according to system of amalgamation, it pointed out.The system of amalgamation is between pair of unrecorded subsidiaries of the bank and also the financial institution is not a celebration to the scheme, it claimed.As a consequence of this particular amalgamation, it said, there would certainly be no change in the shareholding pattern of the banking company.BSS and also Sonata work as service contributors for the banking company and also deliver small money management, unprotected tiny ticket loans and tiny value gotten car loans to girls borrowers and also individuals in support of the lender.Sonata's total assets was Rs 389 crore while BSS' stood up at Rs 1,010 crore in the end of March 31, 2024.Kotak Mahindra Banking company revealed acquisition of Sonata Money in February 2023. Acknowledgment: Entities controlled due to the Kotak family possess a notable holding in Organization Criterion Pvt Ltd. First Published: Aug 12 2024|9:17 PM IST.