.2 min reviewed Final Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Trust Monday claimed Sonata Financing Private Ltd as well as BSS Microfinance Ltd, each wholly-owned subsidiaries of the bank, at their particular board meetings have accepted a system of amalgamation.According to the system of amalgamation permitted on Monday, Sonata would certainly combine with BSS Microfinance Ltd on a going issue basis, Kotak Mahindra Banking company mentioned in a governing filing.The plan would certainly undergo the commendation of the respective investors as well as lenders of Sonata as well as BSS as well as the commendation of the worried National Provider Regulation Tribunal (NCLT) and also other regulative authorizations, it claimed.The mixed total assets of Sonata and BSS is actually less than 2 percent of the total assets of the financial institution, as on March 31, 2024, it stated.Sonata and also BSS Microfinance transaction goes to an arm's span price based on assessment record obtained from an individual professional valuer, it mentioned.BSS will release and allot to the shareholders of Sonata cooperate portion of 1,931 shares of stated value of Rs 10 each in BSS for every single 10,000 portions of stated value of Rs 10 each held by them in Sonata pursuant to scheme of combination, it pointed out.The program of amalgamation is actually in between two unpublished subsidiaries of the financial institution and the banking company is certainly not a gathering to the system, it claimed.Therefore of this intermixture, it mentioned, there will be no modification in the shareholding pattern of the financial institution.BSS as well as Sonata serve as organization reporters for the financial institution and deliver mini financial, unsafe little ticket finances and little worth safeguarded fundings to ladies customers and also individuals in behalf of the finance company.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 Bank introduced acquisition of Sonata Finance in February 2023. Disclosure: Companies managed by the Kotak family possess a substantial holding in Organization Criterion Pvt Ltd. 1st Released: Aug 12 2024|9:17 PM IST.