.2 min read through Final Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Trust Monday stated Sonata Money management Private Ltd and BSS Microfinance Ltd, both wholly-owned subsidiaries of the banking company, at their particular board meetings have actually accepted a plan of amalgamation.As per the system of combinations permitted on Monday, Sonata would combine along with BSS Microfinance Ltd on a going issue manner, Kotak Mahindra Financial institution mentioned in a governing submitting.The system will be subject to the commendation of the respective investors and financial institutions of Sonata and BSS as well as the commendation of the concerned National Firm Legislation Tribunal (NCLT) as well as various other regulative authorizations, it mentioned.The combined net worth of Sonata as well as BSS is actually lower 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 deal goes to an upper arm's length cost based upon assessment document secured from an individual professional valuer, it stated.BSS would certainly give out as well as allocate to the shareholders of Sonata cooperate portion of 1,931 reveals of face value of Rs 10 each in BSS for every 10,000 reveals of face value of Rs 10 each held through all of them in Sonata according to system of intermixture, it mentioned.The scheme of intermixture is in between 2 unrecorded subsidiaries of the banking company and the banking company is not a party to the system, it pointed out.Consequently of the combination, it said, there would be no modification in the shareholding design of the financial institution.BSS and Sonata act as organization reporters for the bank and also give small money management, unprotected tiny ticket finances and small market value gotten car loans to women debtors and also individuals in behalf of the creditor.Sonata's total assets was Rs 389 crore while BSS' stood at Rs 1,010 crore in the end of March 31, 2024.Kotak Mahindra Banking company revealed acquisition of Sonata Finance in February 2023. Declaration: Facilities controlled due to the Kotak family have a notable holding in Service Standard Pvt Ltd. 1st Released: Aug 12 2024|9:17 PM IST.