.2 minutes reviewed Last Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Trust Monday stated Sonata Money management Private Ltd and also BSS Microfinance Ltd, each wholly-owned subsidiaries of the banking company, at their particular board appointments have accepted a system of combination.Based on the system of combinations authorized on Monday, Sonata would combine along with BSS Microfinance Ltd on a going concern basis, Kotak Mahindra Financial institution pointed out in a governing declaring.The scheme would be subject to the approval of the corresponding investors and lenders of Sonata as well as BSS and the approval of the interested National Company Legislation Tribunal (NCLT) and also various other governing authorizations, it stated.The mixed total assets of Sonata and BSS is actually lower than 2 per cent of the net worth of the financial institution, as on March 31, 2024, it said.Sonata and also BSS Microfinance deal goes to an upper arm's span price based on valuation report acquired from an individual registered valuer, it said.BSS would provide and also allocate to the investors of Sonata cooperate portion of 1,931 allotments of face value of Rs 10 each in BSS for each 10,000 allotments of face value of Rs 10 each held through them in Sonata pursuant to program of combination, it pointed out.The program of combinations is actually between 2 unrecorded subsidiaries of the banking company and also the financial institution is not a celebration to the plan, it stated.Consequently of the amalgamation, it mentioned, there would be actually no modification in the shareholding pattern of the bank.BSS and also Sonata work as organization correspondents for the financial institution and give small finance, unsecured little ticket financings as well as tiny market value secured fundings to girls consumers and also people in support of the creditor.Sonata's total assets was actually Rs 389 crore while BSS' stood up at Rs 1,010 crore in the end of March 31, 2024.Kotak Mahindra Financial institution announced accomplishment of Sonata Financing in February 2023. Disclosure: Companies handled due to the Kotak family have a considerable holding in Organization Standard Pvt Ltd. Initial Released: Aug 12 2024|9:17 PM IST.