.2 min read Last Updated: Aug 12 2024|9:17 PM IST.Kotak Mahindra Bank on Monday said Sonata Money management Private Ltd and also BSS Microfinance Ltd, each wholly-owned subsidiaries of the bank, at their particular panel conferences have authorized a scheme of combinations.As per the program of combination permitted on Monday, Sonata will combine along with BSS Microfinance Ltd on a going issue basis, Kotak Mahindra Banking company said in a regulative submission.The scheme would go through the commendation of the corresponding investors as well as lenders of Sonata and BSS as well as the approval of the interested National Business Law Tribunal (NCLT) as well as various other governing authorities, it said.The combined net worth of Sonata and BSS is lower than 2 per-cent of the net worth of the bank, as on March 31, 2024, it stated.Sonata as well as BSS Microfinance transaction goes to an upper arm's duration cost based upon valuation document obtained from an independent authorized valuer, it mentioned.BSS would certainly issue and set aside to the shareholders of Sonata shares in proportion of 1,931 allotments of face value of Rs 10 each in BSS for each 10,000 reveals of face value of Rs 10 each kept through all of them in Sonata according to program of amalgamation, it claimed.The program of combination is actually between two unpublished subsidiaries of the banking company and the bank is actually not a gathering to the program, it claimed.As a consequence of this combination, it stated, there would certainly be no adjustment in the shareholding design of the banking company.BSS as well as Sonata act as organization reporters for the financial institution as well as deliver small finance, unsafe small ticket lendings and also little worth protected lendings to women consumers as well as individuals in support of the lending 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 Bank announced achievement of Sonata Financial in February 2023. Acknowledgment: Facilities managed due to the Kotak family have a substantial holding in Organization Criterion Pvt Ltd. First Released: Aug 12 2024|9:17 PM IST.