.2 min reviewed Final Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Trust Monday claimed Sonata Money management Private Ltd and BSS Microfinance Ltd, both wholly-owned subsidiaries of the bank, at their particular board appointments have accepted a program of intermixture.As per the plan of amalgamation permitted on Monday, Sonata will combine with BSS Microfinance Ltd on a going worry basis, Kotak Mahindra Bank mentioned in a governing submission.The program will go through the approval of the corresponding investors and also collectors of Sonata and also BSS and also the commendation of the interested National Company Legislation Tribunal (NCLT) and also other governing authorizations, it stated.The mixed net worth of Sonata and also BSS is less than 2 per cent of the net worth of the financial institution, as on March 31, 2024, it said.Sonata and BSS Microfinance deal is at an upper arm's length price based on assessment record acquired coming from a private licensed valuer, it mentioned.BSS would issue and also 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 allotments of face value of Rs 10 each kept through them in Sonata pursuant to program of combination, it said.The plan of combinations is in between pair of non listed subsidiaries of the banking company and also the bank is actually not a celebration to the plan, it claimed.As a consequence of this particular combination, it pointed out, there will be no improvement in the shareholding design of the banking company.BSS and Sonata function as company contributors for the bank and deliver small finance, unsecured small ticket financings and also little value gotten fundings to women borrowers and also individuals in behalf of the creditor.Sonata's total assets was Rs 389 crore while BSS' stood up at Rs 1,010 crore in the end of March 31, 2024.Kotak Mahindra Financial institution announced achievement of Sonata Finance in February 2023. Declaration: Companies managed due to the Kotak family members have a significant holding in Company Requirement Pvt Ltd. 1st Released: Aug 12 2024|9:17 PM IST.