.2 minutes read through Last Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Trust Monday said Sonata Money Private Ltd and also BSS Microfinance Ltd, both wholly-owned subsidiaries of the financial institution, at their particular board meetings have authorized a scheme of combinations.According to the plan of combinations accepted on Monday, Sonata will merge with BSS Microfinance Ltd on a going worry basis, Kotak Mahindra Bank stated in a regulative declaring.The program would certainly go through the approval of the respective shareholders as well as collectors of Sonata and BSS and the commendation of the interested National Company Legislation Tribunal (NCLT) and various other governing authorizations, it pointed out.The consolidated net worth of Sonata and also BSS is actually less than 2 percent of the net worth of the bank, as on March 31, 2024, it claimed.Sonata and BSS Microfinance transaction is at an upper arm's size price based on evaluation file gotten coming from an individual authorized valuer, it claimed.BSS would give out as well as set aside to the investors of Sonata cooperate percentage of 1,931 reveals of face value of Rs 10 each in BSS for every 10,000 shares of stated value of Rs 10 each stored through all of them in Sonata according to plan of combination, it said.The system of combinations is actually between 2 unreported subsidiaries of the financial institution as well as the bank is actually certainly not a gathering to the program, it mentioned.Therefore of this particular combinations, it claimed, there would certainly be no change in the shareholding design of the bank.BSS as well as Sonata act as company correspondents for the financial institution as well as deliver mini finance, unsafe little ticket fundings and also small value gotten finances to females consumers and individuals on behalf of the finance company.Sonata's net worth was actually Rs 389 crore while BSS' stood up at Rs 1,010 crore at the end of March 31, 2024.Kotak Mahindra Bank announced achievement of Sonata Money management in February 2023. Declaration: Companies regulated due to the Kotak family possess a substantial holding in Organization Specification Pvt Ltd. First Published: Aug 12 2024|9:17 PM IST.