.2 minutes reviewed Last Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Trust Monday claimed Sonata Money Private Ltd and BSS Microfinance Ltd, each wholly-owned subsidiaries of the financial institution, at their particular board conferences have approved a system of amalgamation.Based on the scheme of combinations approved on Monday, Sonata would certainly merge with BSS Microfinance Ltd on a going problem basis, Kotak Mahindra Bank pointed out in a governing submission.The system would certainly be subject to the commendation of the respective shareholders and also lenders of Sonata and also BSS and the commendation of the worried National Provider Rule Tribunal (NCLT) and also other regulatory authorizations, it stated.The combined net worth of Sonata as well as BSS is less than 2 per cent of the net worth of the banking company, as on March 31, 2024, it mentioned.Sonata and BSS Microfinance transaction is at an arm's length cost based upon evaluation report acquired coming from an individual licensed valuer, it claimed.BSS will release as well as allocate to the shareholders of Sonata shares in percentage of 1,931 reveals of stated value of Rs 10 each in BSS for every 10,000 allotments of stated value of Rs 10 each stored through all of them in Sonata according to plan of intermixture, it pointed out.The program of intermixture is in between two unlisted subsidiaries of the bank and also the financial institution is actually certainly not an event to the plan, it stated.As a consequence of this particular amalgamation, it stated, there would certainly be actually no modification in the shareholding design of the financial institution.BSS and Sonata work as service correspondents for the financial institution as well as give micro financial, unprotected little ticket car loans as well as small worth secured financings to girls borrowers and also individuals in support of the loan provider.Sonata's total assets was Rs 389 crore while BSS' stood at Rs 1,010 crore at the end of March 31, 2024.Kotak Mahindra Financial institution announced achievement of Sonata Money management in February 2023. Disclosure: Companies controlled due to the Kotak family members have a substantial holding in Business Standard Pvt Ltd. Initial Released: Aug 12 2024|9:17 PM IST.