Kotak Mahindra Bank announces the amalgamation of Sonata Finance & BSS Microfinance
Kotak Mahindra Bank on Monday said Sonata Finance Private Ltd and BSS Microfinance Ltd, both completely possessed subsidiaries of the bank, at their individual executive meetings have supported a plan of combination.
According to the plan of scheme endorsed on Monday, Sonata would converge with BSS Microfinance Ltd on a going concern premise, Kotak Mahindra Bank said in an administrative documenting.
The plan would be dependent upon the endorsement of the separate investors and lenders of Sonata and BSS and the endorsement of the concerned National Communal Law Tribunal - (NCLT) and other administrative specialists, it said.
The consolidated total assets of Sonata and BSS is under 2% of the total assets of the bank, as on Walk 31, 2024, it said. Sonata and BSS Microfinance exchange is at a safe distance cost in view of valuation report got from a free enlisted valuer, it said.
BSS would issue and dispense to the investors of Sonata partakes in extent of 1,931 portions of assumed worth of 
10 each in BSS for each 10,000 portions of assumed worth of 10 each held by them in Sonata according to plan of scheme, it said.
10 each in BSS for each 10,000 portions of assumed worth of 10 each held by them in Sonata according to plan of scheme, it said.
The plan of mixture is between two unlisted subsidiaries of the bank and the bank isn’t involved with the plan, it said. It stated that the bank’s shareholding structure would not change as a result of this merger. BSS and Sonata go about as business shares for the bank and give micro finance, unsecured small ticket loans and small value tied down credits to ladies borrowers and people in the interest of the loan lender
At the end of March 31, 2024, Sonata had a net worth of 389 crore, while BSS had a net worth of 1,010 crore. In February 2023, the acquisition of Sonata Finance by Kotak Mahindra Bank was made public.
389 crore, while BSS had a net worth of 1,010 crore. In February 2023, the acquisition of Sonata Finance by Kotak Mahindra Bank was made public.Read More News :
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