.2 minutes checked out Final Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Trust Monday said Sonata Money Private Ltd and BSS Microfinance Ltd, both wholly-owned subsidiaries of the bank, at their corresponding panel appointments have approved a program of combination.Based on the program of combinations authorized on Monday, Sonata would merge along with BSS Microfinance Ltd on a going issue basis, Kotak Mahindra Bank said in a regulatory submission.The scheme will undergo the approval of the corresponding shareholders and creditors of Sonata and also BSS and the approval of the worried National Business Regulation Tribunal (NCLT) and other regulative authorities, it claimed.The combined total assets of Sonata and BSS is less than 2 per-cent of the net worth of the banking company, as on March 31, 2024, it said.Sonata and BSS Microfinance purchase goes to an arm's duration price based upon evaluation document acquired coming from a private authorized valuer, it stated.BSS will provide and also allocate to the investors of Sonata shares in portion of 1,931 shares of face value of Rs 10 each in BSS for every single 10,000 allotments of stated value of Rs 10 each kept through them in Sonata pursuant to scheme of combinations, it stated.The program of combination is actually between pair of unpublished subsidiaries of the bank and also the bank is certainly not a gathering to the system, it stated.Consequently of this combination, it said, there will be no adjustment in the shareholding design of the banking company.BSS and Sonata function as service reporters for the bank and also provide micro money management, unsecured small ticket car loans as well as little market value gotten financings to ladies borrowers as well as people in support of the financial institution.Sonata's net worth was Rs 389 crore while BSS' stood up at Rs 1,010 crore at the end of March 31, 2024.Kotak Mahindra Financial institution declared achievement of Sonata Financial in February 2023. Acknowledgment: Companies regulated by the Kotak household possess a substantial holding in Company Criterion Pvt Ltd. Initial Released: Aug 12 2024|9:17 PM IST.