.2 min read through Last Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Count on Monday stated Sonata Financial Private Ltd and also BSS Microfinance Ltd, each wholly-owned subsidiaries of the banking company, at their corresponding board appointments have actually permitted a plan of intermixture.Based on the program of amalgamation authorized on Monday, Sonata will merge with BSS Microfinance Ltd on a going issue basis, Kotak Mahindra Banking company stated in a regulative submission.The program would undergo the commendation of the corresponding shareholders as well as collectors of Sonata and also BSS as well as the approval of the concerned National Company Rule Tribunal (NCLT) and other regulatory authorities, it mentioned.The mixed net worth of Sonata as well as BSS is actually lower than 2 per cent of the net worth of the bank, as on March 31, 2024, it mentioned.Sonata and also BSS Microfinance purchase is at an arm's duration cost based upon appraisal report secured coming from an independent licensed valuer, it claimed.BSS will issue and set aside to the investors of Sonata shares in proportion of 1,931 shares of stated value of Rs 10 each in BSS for every 10,000 allotments of stated value of Rs 10 each kept by them in Sonata pursuant to scheme of combinations, it said.The system of intermixture is actually between two unrecorded subsidiaries of the bank and the bank is actually certainly not a celebration to the scheme, it pointed out.As a consequence of this particular combinations, it said, there will be no adjustment in the shareholding pattern of the financial institution.BSS as well as Sonata function as company correspondents for the banking company and provide small money, unsecured tiny ticket finances as well as tiny market value gotten finances to women consumers as well as people in support of the creditor.Sonata's total assets was actually Rs 389 crore while BSS' stood at Rs 1,010 crore by the end of March 31, 2024.Kotak Mahindra Financial institution declared acquisition of Sonata Financial in February 2023. Disclosure: Facilities controlled due to the Kotak family have a considerable holding in Business Criterion Pvt Ltd. 1st Posted: Aug 12 2024|9:17 PM IST.