.2 minutes went through Final Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Bank on Monday pointed out Sonata Money Private Ltd and also BSS Microfinance Ltd, both wholly-owned subsidiaries of the banking company, at their respective board conferences have actually permitted a plan of intermixture.Based on the scheme of amalgamation authorized on Monday, Sonata would certainly merge along with BSS Microfinance Ltd on a going problem basis, Kotak Mahindra Bank said in a regulative submission.The scheme would go through the approval of the respective investors and financial institutions of Sonata and BSS and also the commendation of the worried National Business Regulation Tribunal (NCLT) as well as other governing authorities, it claimed.The mixed total assets of Sonata and BSS is actually less than 2 per-cent of the net worth of the financial institution, as on March 31, 2024, it pointed out.Sonata and also BSS Microfinance purchase goes to an arm's duration price based on assessment file obtained from an independent professional valuer, it said.BSS would certainly give out and set aside to the investors of Sonata shares in portion of 1,931 reveals of stated value of Rs 10 each in BSS for each 10,000 allotments of stated value of Rs 10 each stored through them in Sonata pursuant to scheme of combination, it mentioned.The scheme of combinations is between 2 unlisted subsidiaries of the banking company and also the banking company is not an event to the scheme, it stated.As a consequence of this particular combination, it mentioned, there will be no change in the shareholding design of the bank.BSS as well as Sonata work as company contributors for the banking company as well as deliver micro money management, unprotected small ticket car loans and tiny worth protected car loans to ladies consumers and also individuals in behalf of the lending institution.Sonata's net worth was Rs 389 crore while BSS' stood at Rs 1,010 crore in the end of March 31, 2024.Kotak Mahindra Financial institution announced acquisition of Sonata Financing in February 2023. Disclosure: Entities controlled by the Kotak loved ones possess a notable holding in Service Specification Pvt Ltd. Initial Posted: Aug 12 2024|9:17 PM IST.