.2 min reviewed Final Improved: Aug 12 2024|9:17 PM IST.Kotak Mahindra Bank on Monday stated Sonata Financing Private Ltd and also BSS Microfinance Ltd, each wholly-owned subsidiaries of the banking company, at their respective board conferences have actually accepted a scheme of combination.According to the plan of combination accepted on Monday, Sonata will combine along with BSS Microfinance Ltd on a going issue manner, Kotak Mahindra Banking company pointed out in a governing submission.The system would undergo the approval of the corresponding investors as well as creditors of Sonata as well as BSS and the commendation of the worried National Provider Rule Tribunal (NCLT) as well as other governing authorities, it pointed out.The combined total assets of Sonata as well as BSS is actually less than 2 per-cent of the net worth of the banking company, as on March 31, 2024, it mentioned.Sonata and BSS Microfinance transaction is at an arm's duration cost based upon appraisal document secured from a private authorized valuer, it stated.BSS will issue and also set aside to the investors of Sonata cooperate portion of 1,931 shares of face value of Rs 10 each in BSS for every 10,000 reveals of face value of Rs 10 each stored through all of them in Sonata pursuant to program of amalgamation, it said.The system of combination is in between 2 non listed subsidiaries of the banking company as well as the banking company is actually certainly not an event to the scheme, it claimed.As a consequence of this particular amalgamation, it said, there will be actually no improvement in the shareholding design of the financial institution.BSS as well as Sonata work as business reporters for the financial institution and also give micro money management, unsafe small ticket fundings and small value secured lendings to ladies debtors and also individuals in behalf of the loan provider.Sonata's net worth was Rs 389 crore while BSS' stood at Rs 1,010 crore in the end of March 31, 2024.Kotak Mahindra Bank announced achievement of Sonata Money in February 2023. Declaration: Companies regulated by the Kotak family members have a substantial holding in Business Criterion Pvt Ltd. 1st Published: Aug 12 2024|9:17 PM IST.