.2 minutes read Last Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Trust Monday pointed out Sonata Financing Private Ltd as well as BSS Microfinance Ltd, each wholly-owned subsidiaries of the bank, at their particular board appointments have actually accepted a plan of intermixture.Based on the plan of combination approved on Monday, Sonata would merge with BSS Microfinance Ltd on a going concern manner, Kotak Mahindra Banking company said in a governing filing.The plan will undergo the approval of the respective shareholders and also creditors of Sonata and also BSS and also the approval of the anxious National Company Regulation Tribunal (NCLT) and other regulatory authorities, it claimed.The combined total assets of Sonata as well as BSS is less than 2 per-cent of the net worth of the financial institution, as on March 31, 2024, it claimed.Sonata and also BSS Microfinance purchase goes to an upper arm's size price based on assessment report acquired from an individual authorized valuer, it claimed.BSS will provide and allot to the investors of Sonata shares in percentage of 1,931 allotments of face value of Rs 10 each in BSS for every 10,000 allotments of stated value of Rs 10 each kept through them in Sonata pursuant to program of combinations, it pointed out.The program of amalgamation is actually in between two unlisted subsidiaries of the financial institution and the financial institution is actually not an event to the system, it stated.Therefore of this particular combination, it pointed out, there would certainly be no adjustment in the shareholding design of the banking company.BSS and Sonata act as business reporters for the financial institution as well as offer mini finance, unsafe tiny ticket lendings and small worth safeguarded finances to girls borrowers and also individuals in support of the loan provider.Sonata's total assets was actually Rs 389 crore while BSS' stood at Rs 1,010 crore in the end of March 31, 2024.Kotak Mahindra Bank announced acquisition of Sonata Financial in February 2023. Declaration: Facilities handled due to the Kotak family members possess a considerable holding in Organization Requirement Pvt Ltd. 1st Published: Aug 12 2024|9:17 PM IST.