.2 min reviewed Final Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Bank on Monday pointed out Sonata Money management Private Ltd and also BSS Microfinance Ltd, each wholly-owned subsidiaries of the bank, at their particular panel appointments have actually accepted a plan of intermixture.Based on the program of amalgamation authorized on Monday, Sonata will merge with BSS Microfinance Ltd on a going problem manner, Kotak Mahindra Financial institution pointed out in a regulatory declaring.The system will be subject to the approval of the particular shareholders and also creditors of Sonata and also BSS as well as the approval of the interested National Company Rule Tribunal (NCLT) and also other governing authorizations, it said.The bundled total assets of Sonata and also BSS is lower than 2 percent of the net worth of the banking company, as on March 31, 2024, it said.Sonata and also BSS Microfinance transaction goes to an upper arm's size price based on assessment report acquired coming from an individual authorized valuer, it claimed.BSS will issue as well as allocate to the shareholders of Sonata shares in percentage of 1,931 allotments of stated value of Rs 10 each in BSS for each 10,000 allotments of stated value of Rs 10 each stored through all of them in Sonata pursuant to plan of amalgamation, it stated.The plan of intermixture is between two unlisted subsidiaries of the financial institution and the banking company is actually not an event to the scheme, it stated.Therefore of the combination, it mentioned, there will be no modification in the shareholding pattern of the bank.BSS and Sonata serve as organization correspondents for the bank as well as give mini financial, unprotected small ticket fundings and small worth gotten loans to females debtors and individuals on behalf of the lending institution.Sonata's net worth was Rs 389 crore while BSS' stood up at Rs 1,010 crore in the end of March 31, 2024.Kotak Mahindra Financial institution revealed acquisition of Sonata Money in February 2023. Acknowledgment: Facilities managed due to the Kotak family members have a substantial holding in Business Criterion Pvt Ltd. 1st Published: Aug 12 2024|9:17 PM IST.