.2 min read Last Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Bank on Monday claimed Sonata Money Private Ltd and also BSS Microfinance Ltd, each wholly-owned subsidiaries of the banking company, at their respective board appointments have actually approved a plan of intermixture.As per the system of combination accepted on Monday, Sonata would certainly combine with BSS Microfinance Ltd on a going problem manner, Kotak Mahindra Financial institution stated in a governing submitting.The scheme would certainly undergo the approval of the respective investors as well as lenders of Sonata and BSS as well as the commendation of the anxious National Provider Legislation Tribunal (NCLT) as well as various other regulative authorities, it said.The bundled net worth of Sonata and BSS is actually less than 2 percent of the total assets of the bank, as on March 31, 2024, it stated.Sonata and BSS Microfinance transaction goes to an upper arm's duration rate based on appraisal record obtained from an independent licensed valuer, it stated.BSS will give out and also allocate to the shareholders of Sonata shares in percentage of 1,931 portions of face value of Rs 10 each in BSS for every single 10,000 portions of face value of Rs 10 each held through all of them in Sonata pursuant to system of combinations, it stated.The scheme of intermixture is actually between 2 unreported subsidiaries of the banking company as well as the banking company is certainly not an event to the system, it said.Consequently of this combinations, it stated, there will be actually no improvement in the shareholding pattern of the bank.BSS and also Sonata function as organization correspondents for the bank and supply small financing, unprotected tiny ticket lendings and tiny value secured lendings to ladies borrowers as well as individuals in support of the finance company.Sonata's net worth was actually Rs 389 crore while BSS' stood at Rs 1,010 crore by the end of March 31, 2024.Kotak Mahindra Banking company declared achievement of Sonata Finance in February 2023. Disclosure: Bodies regulated due to the Kotak family members have a substantial holding in Business Standard Pvt Ltd. First Published: Aug 12 2024|9:17 PM IST.