.2 min read Final Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Count on Monday claimed Sonata Financial Private Ltd as well as BSS Microfinance Ltd, each wholly-owned subsidiaries of the bank, at their particular board meetings have actually authorized a scheme of combinations.Based on the program of intermixture approved on Monday, Sonata will merge along with BSS Microfinance Ltd on a going problem manner, Kotak Mahindra Financial institution said in a governing submission.The scheme would undergo the commendation of the corresponding shareholders as well as lenders of Sonata as well as BSS as well as the approval of the worried National Company Regulation Tribunal (NCLT) and other regulative authorities, it mentioned.The consolidated total assets of Sonata and also BSS is less than 2 per cent of the total assets of the bank, as on March 31, 2024, it said.Sonata as well as BSS Microfinance deal goes to an arm's span price based upon valuation document secured coming from an individual authorized valuer, it mentioned.BSS would issue as well as allocate to the investors of Sonata cooperate proportion of 1,931 reveals of stated value of Rs 10 each in BSS for every single 10,000 shares of face value of Rs 10 each stored through all of them in Sonata pursuant to plan of combination, it mentioned.The scheme of combination is actually between 2 unpublicized subsidiaries of the financial institution as well as the financial institution is actually not a celebration to the system, it mentioned.Therefore of this particular combination, it mentioned, there would certainly be actually no modification in the shareholding design of the financial institution.BSS as well as Sonata work as organization correspondents for the bank and also provide mini financing, unsafe tiny ticket loans and also small worth safeguarded fundings to girls consumers as well as individuals on behalf of the lender.Sonata's net worth was Rs 389 crore while BSS' stood up at Rs 1,010 crore at the end of March 31, 2024.Kotak Mahindra Banking company announced accomplishment of Sonata Money in February 2023. Declaration: Entities handled due to the Kotak household have a significant holding in Business Requirement Pvt Ltd. First Published: Aug 12 2024|9:17 PM IST.