.2 minutes reviewed Last Improved: Aug 12 2024|9:17 PM IST.Kotak Mahindra Count on Monday stated Sonata Finance Private Ltd and also BSS Microfinance Ltd, each wholly-owned subsidiaries of the bank, at their respective panel conferences have authorized a plan of amalgamation.Based on the system of amalgamation accepted on Monday, Sonata will merge with BSS Microfinance Ltd on a going issue basis, Kotak Mahindra Bank stated in a governing submitting.The plan will go through the commendation of the respective shareholders and also creditors of Sonata as well as BSS and the approval of the interested National Company Rule Tribunal (NCLT) as well as various other governing authorities, it claimed.The consolidated total assets of Sonata as well as BSS is lower than 2 per cent of the total assets of the bank, as on March 31, 2024, it pointed out.Sonata and BSS Microfinance purchase goes to an upper arm's span price based on valuation document acquired coming from an individual registered valuer, it mentioned.BSS will provide and also set aside to the shareholders of Sonata cooperate percentage of 1,931 shares of face value of Rs 10 each in BSS for each 10,000 allotments of face value of Rs 10 each kept through them in Sonata pursuant to system of intermixture, it pointed out.The system of intermixture is between 2 unpublicized subsidiaries of the banking company and the bank is actually not a celebration to the plan, it pointed out.Therefore of this intermixture, it said, there would be no improvement in the shareholding pattern of the financial institution.BSS as well as Sonata act as service correspondents for the bank as well as supply mini money, unprotected tiny ticket car loans as well as small market value gotten finances to women debtors and individuals in support of the finance company.Sonata's total assets was Rs 389 crore while BSS' stood up at Rs 1,010 crore at the end of March 31, 2024.Kotak Mahindra Bank declared acquisition of Sonata Financing in February 2023. Declaration: Entities handled due to the Kotak family members have a significant holding in Service Requirement Pvt Ltd. First Posted: Aug 12 2024|9:17 PM IST.