.2 minutes read Last Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Rely on Monday claimed Sonata Financial Private Ltd and BSS Microfinance Ltd, both wholly-owned subsidiaries of the financial institution, at their particular board conferences have actually accepted a scheme of combination.According to the system of combination approved on Monday, Sonata would merge with BSS Microfinance Ltd on a going issue basis, Kotak Mahindra Bank claimed in a regulative filing.The system would go through the commendation of the respective shareholders and also financial institutions of Sonata and also BSS as well as the approval of the worried National Company Legislation Tribunal (NCLT) and other regulative authorities, it mentioned.The mixed net worth of Sonata and also BSS is actually less than 2 per cent of the total assets of the banking company, as on March 31, 2024, it claimed.Sonata and also BSS Microfinance purchase goes to an upper arm's size price based upon valuation file gotten from an independent registered valuer, it pointed out.BSS would certainly issue as well as allocate to the investors of Sonata shares in percentage of 1,931 portions of stated value of Rs 10 each in BSS for every single 10,000 reveals of face value of Rs 10 each kept by them in Sonata pursuant to plan of combinations, it said.The program of combination is actually between pair of unrecorded subsidiaries of the financial institution as well as the banking company is not a gathering to the scheme, it claimed.As a consequence of this combinations, it claimed, there would be actually no change in the shareholding design of the financial institution.BSS and also Sonata work as organization contributors for the financial institution and give micro finance, unprotected tiny ticket finances and tiny worth secured car loans to girls debtors as well as individuals on behalf of the creditor.Sonata's net worth was actually Rs 389 crore while BSS' stood at Rs 1,010 crore in the end of March 31, 2024.Kotak Mahindra Financial institution revealed achievement of Sonata Financing in February 2023. Declaration: Entities regulated by the Kotak family possess a substantial holding in Organization Standard Pvt Ltd. First Posted: Aug 12 2024|9:17 PM IST.