.2 min read Final Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Trust Monday claimed Sonata Financial Private Ltd as well as BSS Microfinance Ltd, both wholly-owned subsidiaries of the banking company, at their particular panel appointments have authorized a program of combinations.According to the plan of combination accepted on Monday, Sonata would combine with BSS Microfinance Ltd on a going problem manner, Kotak Mahindra Financial institution said in a governing filing.The program will undergo the commendation of the respective shareholders as well as financial institutions of Sonata and BSS and the approval of the anxious National Company Regulation Tribunal (NCLT) and also various other governing authorities, it stated.The bundled total assets of Sonata as well as BSS is lower than 2 per-cent of the total assets of the bank, as on March 31, 2024, it pointed out.Sonata and also BSS Microfinance transaction goes to an arm's size price based upon valuation document secured coming from an independent registered valuer, it stated.BSS will give out and allocate to the investors of Sonata cooperate percentage of 1,931 shares of stated value of Rs 10 each in BSS for every 10,000 reveals of stated value of Rs 10 each held by them in Sonata pursuant to system of amalgamation, it mentioned.The plan of combination is actually between pair of non listed subsidiaries of the banking company and also the bank is certainly not a party to the program, it claimed.As a consequence of this amalgamation, it stated, there would be actually no change in the shareholding pattern of the financial institution.BSS and Sonata serve as service correspondents for the banking company as well as give mini money management, unprotected small ticket car loans as well as tiny value secured financings to females debtors and also individuals in behalf of the financial institution.Sonata's net worth was Rs 389 crore while BSS' stood up at Rs 1,010 crore by the end of March 31, 2024.Kotak Mahindra Banking company introduced acquisition of Sonata Money management in February 2023. Disclosure: Facilities handled by the Kotak family members possess a substantial holding in Service Standard Pvt Ltd. Very First Released: Aug 12 2024|9:17 PM IST.