.2 minutes reviewed Final Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Rely on Monday claimed Sonata Money management Private Ltd and BSS Microfinance Ltd, each wholly-owned subsidiaries of the banking company, at their corresponding panel conferences have approved a plan of combinations.According to the plan of combination approved on Monday, Sonata would combine with BSS Microfinance Ltd on a going issue manner, Kotak Mahindra Financial institution said in a governing filing.The plan would certainly undergo the commendation of the respective investors and also collectors of Sonata as well as BSS and also the commendation of the interested National Firm Law Tribunal (NCLT) and also various other governing authorities, it mentioned.The combined net worth of Sonata and also BSS is actually less than 2 per cent of the total assets of the financial institution, as on March 31, 2024, it stated.Sonata and BSS Microfinance purchase goes to an arm's length price based on evaluation file secured coming from an individual registered valuer, it stated.BSS will release as well as allot to the shareholders of Sonata shares in proportion of 1,931 shares of face value of Rs 10 each in BSS for every 10,000 shares of stated value of Rs 10 each kept by all of them in Sonata pursuant to scheme of combinations, it said.The plan of combination is actually in between two unpublished subsidiaries of the bank and also the financial institution is actually certainly not a party to the plan, it mentioned.Therefore of the intermixture, it mentioned, there would certainly be no change in the shareholding design of the financial institution.BSS and Sonata work as organization correspondents for the financial institution as well as deliver micro financing, unsecured little ticket finances as well as small worth secured fundings to girls borrowers as well as people on behalf of the finance company.Sonata's total assets was actually Rs 389 crore while BSS' stood at Rs 1,010 crore at the end of March 31, 2024.Kotak Mahindra Financial institution revealed acquisition of Sonata Money management in February 2023. Declaration: Entities regulated by the Kotak family members possess a notable holding in Company Specification Pvt Ltd. Very First Posted: Aug 12 2024|9:17 PM IST.