.2 min reviewed Last Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Trust Monday mentioned Sonata Money management Private Ltd as well as BSS Microfinance Ltd, both wholly-owned subsidiaries of the financial institution, at their respective board conferences have permitted a program of amalgamation.According to the system of combinations permitted on Monday, Sonata would certainly merge along with BSS Microfinance Ltd on a going concern basis, Kotak Mahindra Bank stated in a governing declaring.The system would certainly be subject to the approval of the particular investors as well as collectors of Sonata and also BSS and the commendation of the interested National Company Regulation Tribunal (NCLT) and other governing authorities, it said.The mixed total assets of Sonata and BSS is lower than 2 percent of the total assets of the banking company, as on March 31, 2024, it said.Sonata and also BSS Microfinance deal is at an arm’s length cost based upon valuation file secured coming from an independent registered valuer, it pointed out.BSS would certainly provide as well as set aside to the shareholders of Sonata shares in percentage of 1,931 reveals of face value of Rs 10 each in BSS for every single 10,000 portions of face value of Rs 10 each kept by all of them in Sonata pursuant to plan of combination, it claimed.The scheme of intermixture is in between pair of non listed subsidiaries of the financial institution and also the financial institution is certainly not a celebration to the program, it stated.Consequently of this particular intermixture, it pointed out, there would certainly be actually no change in the shareholding pattern of the banking company.BSS and also Sonata work as business contributors for the banking company as well as provide micro finance, unsafe small ticket finances and also small worth secured car loans to females debtors and also individuals on behalf of the lending institution.Sonata’s total assets was actually Rs 389 crore while BSS’ stood at Rs 1,010 crore at the end of March 31, 2024.Kotak Mahindra Banking company announced achievement of Sonata Financing in February 2023. Disclosure: Companies regulated due to the Kotak household have a significant holding in Company Standard Pvt Ltd. First Released: Aug 12 2024|9:17 PM IST.