.2 min reviewed Final Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Rely on Monday stated Sonata Finance Private Ltd as well as BSS Microfinance Ltd, each wholly-owned subsidiaries of the banking company, at their particular panel conferences have accepted a scheme of amalgamation.As per the system of intermixture permitted on Monday, Sonata will merge with BSS Microfinance Ltd on a going problem manner, Kotak Mahindra Banking company pointed out in a regulative filing.The scheme would go through the commendation of the respective shareholders and financial institutions of Sonata as well as BSS and also the approval of the concerned National Provider Legislation Tribunal (NCLT) as well as other regulatory authorities, it mentioned.The combined net worth of Sonata and also BSS is lower than 2 per cent of the net worth of the banking company, as on March 31, 2024, it stated.Sonata and BSS Microfinance purchase goes to an upper arm's span cost based on valuation document acquired coming from an independent licensed valuer, it stated.BSS would certainly provide as well as allocate to the shareholders of Sonata cooperate percentage of 1,931 allotments of face value of Rs 10 each in BSS for each 10,000 portions of face value of Rs 10 each stored through all of them in Sonata according to plan of intermixture, it said.The system of amalgamation is in between two unlisted subsidiaries of the bank and also the bank is not a celebration to the plan, it said.Consequently of this combinations, it pointed out, there would be no improvement in the shareholding design of the banking company.BSS and Sonata serve as service correspondents for the financial institution and offer micro financial, unprotected little ticket finances and tiny worth secured lendings to women debtors and also people in support of the financial institution.Sonata's net worth was actually Rs 389 crore while BSS' stood up at Rs 1,010 crore by the end of March 31, 2024.Kotak Mahindra Banking company revealed achievement of Sonata Financing in February 2023. Disclosure: Facilities controlled by the Kotak family have a substantial holding in Company Requirement Pvt Ltd. Initial Posted: Aug 12 2024|9:17 PM IST.