.2 min read through Final Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Rely on Monday said Sonata Money management Private Ltd and BSS Microfinance Ltd, both wholly-owned subsidiaries of the bank, at their respective panel meetings have approved a plan of combinations.Based on the program of amalgamation approved on Monday, Sonata would merge along with BSS Microfinance Ltd on a going problem basis, Kotak Mahindra Financial institution stated in a regulatory submitting.The plan will undergo the approval of the particular investors as well as collectors of Sonata and BSS as well as the approval of the anxious National Business Regulation Tribunal (NCLT) and other regulative authorities, it stated.The combined net worth of Sonata and also BSS is actually lower than 2 per cent of the total assets of the bank, as on March 31, 2024, it said.Sonata and BSS Microfinance transaction is at an arm's duration price based on appraisal file gotten coming from an independent licensed valuer, it pointed out.BSS would provide and also set aside to the investors of Sonata shares in proportion of 1,931 allotments of face value of Rs 10 each in BSS for every single 10,000 reveals of stated value of Rs 10 each held by all of them in Sonata according to scheme of amalgamation, it stated.The scheme of combinations is actually in between 2 unrecorded subsidiaries of the banking company and the financial institution is certainly not an event to the program, it stated.Therefore of this particular amalgamation, it pointed out, there will be actually no modification in the shareholding design of the financial institution.BSS as well as Sonata act as company contributors for the banking company and also offer mini financing, unsecured little ticket lendings and small value gotten financings to females borrowers and people in behalf of the lender.Sonata's total assets was Rs 389 crore while BSS' stood up at Rs 1,010 crore by the end of March 31, 2024.Kotak Mahindra Bank introduced achievement of Sonata Money management in February 2023. Declaration: Facilities regulated by the Kotak household have a substantial holding in Service Specification Pvt Ltd. First Released: Aug 12 2024|9:17 PM IST.