.2 min reviewed Last Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Bank on Monday mentioned Sonata Money Private Ltd as well as BSS Microfinance Ltd, each wholly-owned subsidiaries of the financial institution, at their corresponding board meetings have accepted a system of amalgamation.As per the system of amalgamation approved on Monday, Sonata would combine along with BSS Microfinance Ltd on a going problem manner, Kotak Mahindra Bank said in a regulative submitting.The scheme will be subject to the commendation of the corresponding shareholders and collectors of Sonata and BSS and also the commendation of the interested National Provider Law Tribunal (NCLT) and also other regulatory authorities, it pointed out.The bundled total assets of Sonata as well as BSS is less than 2 per cent of the total assets of the financial institution, as on March 31, 2024, it pointed out.Sonata as well as BSS Microfinance purchase is at an arm's span rate based on assessment file acquired from an independent registered valuer, it pointed out.BSS will release and allot to the shareholders of Sonata shares in portion of 1,931 reveals of face value of Rs 10 each in BSS for each 10,000 portions of face value of Rs 10 each kept by all of them in Sonata according to plan of combination, it stated.The program of combinations is actually between 2 unpublicized subsidiaries of the banking company and also the banking company is certainly not an event to the plan, it stated.Consequently of this combinations, it mentioned, there would certainly be actually no improvement in the shareholding design of the financial institution.BSS as well as Sonata function as organization correspondents for the bank as well as deliver mini financial, unprotected little ticket loans and tiny value protected lendings to girls customers as well as individuals in behalf of the lending institution.Sonata's net worth was actually Rs 389 crore while BSS' stood up at Rs 1,010 crore in the end of March 31, 2024.Kotak Mahindra Banking company declared accomplishment of Sonata Money management in February 2023. Disclosure: Facilities managed by the Kotak family have a significant holding in Service Standard Pvt Ltd. Initial Released: Aug 12 2024|9:17 PM IST.