.2 min went through Last Improved: Aug 12 2024|9:17 PM IST.Kotak Mahindra Bank on Monday said Sonata Financing Private Ltd as well as BSS Microfinance Ltd, each wholly-owned subsidiaries of the bank, at their respective board appointments have authorized a scheme of combinations.According to the system of combinations permitted on Monday, Sonata would combine with BSS Microfinance Ltd on a going concern manner, Kotak Mahindra Banking company pointed out in a governing filing.The plan would be subject to the approval of the respective investors and collectors of Sonata and BSS and also the approval of the interested National Company Legislation Tribunal (NCLT) and various other regulatory authorities, it said.The consolidated total assets of Sonata as well as BSS is actually lower than 2 per-cent of the total assets of the banking company, as on March 31, 2024, it claimed.Sonata and BSS Microfinance deal goes to an arm’s length price based on evaluation file gotten coming from a private licensed valuer, it stated.BSS would provide and also set aside to the investors of Sonata shares in portion of 1,931 shares of stated value of Rs 10 each in BSS for each 10,000 reveals of face value of Rs 10 each stored through them in Sonata according to program of amalgamation, it claimed.The plan of combinations is in between pair of non listed subsidiaries of the financial institution and also the bank is actually not a party to the scheme, it claimed.Consequently of the intermixture, it said, there will be actually no modification in the shareholding pattern of the banking company.BSS and Sonata serve as service reporters for the banking company as well as supply mini financing, unsecured tiny ticket loans as well as little worth safeguarded car loans to girls borrowers as well as individuals on behalf of the finance company.Sonata’s net worth was actually Rs 389 crore while BSS’ stood at Rs 1,010 crore at the end of March 31, 2024.Kotak Mahindra Banking company introduced achievement of Sonata Finance in February 2023. Declaration: Companies managed by the Kotak family have a substantial holding in Company Specification Pvt Ltd. Very First Published: Aug 12 2024|9:17 PM IST.