.2 min reviewed Final Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Trust Monday claimed Sonata Money Private Ltd as well as BSS Microfinance Ltd, each wholly-owned subsidiaries of the financial institution, at their respective panel conferences have actually permitted a plan of combination.As per the scheme of combination authorized on Monday, Sonata will combine along with BSS Microfinance Ltd on a going worry basis, Kotak Mahindra Bank claimed in a regulative submission.The plan would go through the commendation of the corresponding investors as well as lenders of Sonata and BSS and the commendation of the worried National Firm Regulation Tribunal (NCLT) as well as other regulative authorizations, it mentioned.The consolidated net worth of Sonata and also BSS is lower than 2 percent of the net worth of the bank, as on March 31, 2024, it claimed.Sonata and also BSS Microfinance deal goes to an upper arm's size price based upon assessment report gotten coming from an individual licensed valuer, it pointed out.BSS will release and also set aside to the shareholders of Sonata shares in proportion of 1,931 portions of face value of Rs 10 each in BSS for each 10,000 reveals of face value of Rs 10 each kept by all of them in Sonata pursuant to program of combination, it said.The system of combinations is in between 2 unpublicized subsidiaries of the banking company and the financial institution is actually not an event to the plan, it stated.Therefore of the amalgamation, it mentioned, there would certainly be actually no improvement in the shareholding pattern of the financial institution.BSS and also Sonata serve as organization correspondents for the financial institution as well as supply mini financial, unsafe little ticket financings and small worth gotten financings to girls debtors and people in support of the lending institution.Sonata's total assets was actually Rs 389 crore while BSS' stood at Rs 1,010 crore in the end of March 31, 2024.Kotak Mahindra Financial institution revealed acquisition of Sonata Money in February 2023. Disclosure: Entities managed by the Kotak household have a significant holding in Business Criterion Pvt Ltd. 1st Published: Aug 12 2024|9:17 PM IST.