.2 min read Last Improved: Aug 12 2024|9:17 PM IST.Kotak Mahindra Bank on Monday mentioned Sonata Money management Private Ltd and BSS Microfinance Ltd, each wholly-owned subsidiaries of the bank, at their corresponding panel meetings have authorized a program of combination.According to the system of amalgamation authorized on Monday, Sonata would merge along with BSS Microfinance Ltd on a going issue basis, Kotak Mahindra Bank said in a regulatory filing.The scheme would certainly go through the approval of the particular shareholders and collectors of Sonata and BSS and also the approval of the concerned National Firm Regulation Tribunal (NCLT) and also various other governing authorities, it said.The mixed net worth of Sonata as well as BSS is lower than 2 per-cent of the total assets of the banking company, as on March 31, 2024, it said.Sonata and also BSS Microfinance deal is at an upper arm's span cost based upon valuation document secured coming from an individual authorized valuer, it mentioned.BSS would release and also allot to the shareholders of Sonata shares in portion of 1,931 reveals of face value of Rs 10 each in BSS for every single 10,000 reveals of face value of Rs 10 each kept by all of them in Sonata pursuant to scheme of combinations, it stated.The system of combination is between two unlisted subsidiaries of the banking company as well as the financial institution is certainly not a party to the scheme, it pointed out.As a consequence of this particular amalgamation, it pointed out, there would certainly be no modification in the shareholding pattern of the bank.BSS and also Sonata act as service correspondents for the financial institution as well as deliver mini financial, unsecured little ticket car loans and also little value secured finances to girls customers and people in behalf of the loan provider.Sonata's net worth was Rs 389 crore while BSS' stood at Rs 1,010 crore by the end of March 31, 2024.Kotak Mahindra Financial institution announced acquisition of Sonata Money management in February 2023. Acknowledgment: Bodies controlled by the Kotak loved ones have a substantial holding in Business Specification Pvt Ltd. First Posted: Aug 12 2024|9:17 PM IST.