.2 min reviewed Final Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Bank on Monday stated Sonata Money Private Ltd as well as BSS Microfinance Ltd, each wholly-owned subsidiaries of the financial institution, at their particular panel appointments have approved a scheme of amalgamation.Based on the plan of intermixture authorized on Monday, Sonata would merge with BSS Microfinance Ltd on a going issue manner, Kotak Mahindra Financial institution mentioned in a governing submitting.The system will go through the approval of the particular shareholders and collectors of Sonata as well as BSS and the commendation of the concerned National Provider Law Tribunal (NCLT) and other regulatory authorities, it mentioned.The mixed total assets of Sonata and BSS is lower than 2 percent of the net worth of the banking company, as on March 31, 2024, it mentioned.Sonata and also BSS Microfinance purchase is at an upper arm's size price based upon assessment document gotten from a private professional valuer, it pointed out.BSS would release as well as allot to the shareholders of Sonata shares in percentage of 1,931 portions of face value of Rs 10 each in BSS for every 10,000 portions of stated value of Rs 10 each kept by them in Sonata according to scheme of intermixture, it claimed.The scheme of intermixture is between two non listed subsidiaries of the financial institution and the financial institution is actually not a gathering to the program, it claimed.Consequently of the amalgamation, it mentioned, there would be no modification in the shareholding design of the financial institution.BSS and Sonata act as service reporters for the bank and provide small finance, unsafe tiny ticket car loans and also little market value secured car loans to ladies debtors and people in behalf of the finance company.Sonata's total assets was Rs 389 crore while BSS' stood at Rs 1,010 crore at the end of March 31, 2024.Kotak Mahindra Banking company declared achievement of Sonata Money in February 2023. Declaration: Entities controlled due to the Kotak family have a substantial holding in Organization Specification Pvt Ltd. 1st Posted: Aug 12 2024|9:17 PM IST.