.2 min read through Last Improved: Aug 12 2024|9:17 PM IST.Kotak Mahindra Bank on Monday mentioned Sonata Money management Private Ltd as well as BSS Microfinance Ltd, each wholly-owned subsidiaries of the financial institution, at their particular board conferences have authorized a system of amalgamation.Based on the plan of combination approved on Monday, Sonata would merge along with BSS Microfinance Ltd on a going issue basis, Kotak Mahindra Financial institution stated in a regulatory declaring.The system will be subject to the commendation of the corresponding investors and also lenders of Sonata as well as BSS and also the commendation of the concerned National Company Legislation Tribunal (NCLT) and also other regulatory authorizations, it claimed.The bundled total assets of Sonata and also BSS is actually lower than 2 per-cent of the total assets of the bank, as on March 31, 2024, it claimed.Sonata and BSS Microfinance transaction goes to an arm's size price based upon assessment file acquired from a private licensed valuer, it claimed.BSS will issue as well as set aside to the investors of Sonata cooperate percentage of 1,931 reveals of face value of Rs 10 each in BSS for each 10,000 reveals of stated value of Rs 10 each kept through all of them in Sonata according to system of combinations, it stated.The program of intermixture is actually in between two unpublicized subsidiaries of the banking company as well as the banking company is actually not a celebration to the system, it said.Therefore of the amalgamation, it said, there will be no change in the shareholding design of the bank.BSS and Sonata act as company correspondents for the bank and also supply mini financial, unprotected small ticket lendings and little value gotten financings to females debtors as well as people on behalf of the financial institution.Sonata's total assets was Rs 389 crore while BSS' stood at Rs 1,010 crore by the end of March 31, 2024.Kotak Mahindra Financial institution revealed accomplishment of Sonata Finance in February 2023. Declaration: Entities managed due to the Kotak household possess a significant holding in Company Criterion Pvt Ltd. First Posted: Aug 12 2024|9:17 PM IST.