.2 min read through Final Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Bank on Monday said Sonata Financing Private Ltd and also BSS Microfinance Ltd, each wholly-owned subsidiaries of the financial institution, at their corresponding panel appointments have approved a scheme of combinations.Based on the scheme of amalgamation permitted on Monday, Sonata would certainly merge along with BSS Microfinance Ltd on a going issue basis, Kotak Mahindra Banking company claimed in a regulative submission.The scheme would certainly go through the approval of the particular investors and also collectors of Sonata as well as BSS and also the approval of the worried National Company Legislation Tribunal (NCLT) as well as other governing authorizations, it claimed.The bundled net worth of Sonata and BSS is less than 2 percent of the total assets of the bank, as on March 31, 2024, it said.Sonata as well as BSS Microfinance purchase goes to an upper arm's duration rate based on valuation document acquired from an independent professional valuer, it said.BSS will issue and also allocate to the investors of Sonata cooperate portion of 1,931 portions of face value of Rs 10 each in BSS for every single 10,000 reveals of face value of Rs 10 each held through all of them in Sonata pursuant to system of intermixture, it stated.The system of amalgamation is actually in between 2 unreported subsidiaries of the bank and also the bank is not a gathering to the scheme, it mentioned.Therefore of the amalgamation, it stated, there will be no change in the shareholding design of the financial institution.BSS as well as Sonata function as service correspondents for the bank and provide mini financing, unprotected tiny ticket financings and also tiny value secured lendings to ladies customers as well as individuals in behalf of the finance company.Sonata's net worth was Rs 389 crore while BSS' stood at Rs 1,010 crore by the end of March 31, 2024.Kotak Mahindra Financial institution revealed achievement of Sonata Finance in February 2023. Declaration: Bodies managed by the Kotak family members have a considerable holding in Organization Criterion Pvt Ltd. Initial Released: Aug 12 2024|9:17 PM IST.