.2 min went through Last Upgraded: Aug 12 2024|9:17 PM IST.Kotak Mahindra Count on Monday mentioned Sonata Money management Private Ltd and BSS Microfinance Ltd, both wholly-owned subsidiaries of the banking company, at their respective board meetings have approved a plan of intermixture.Based on the plan of intermixture permitted on Monday, Sonata will combine with BSS Microfinance Ltd on a going worry manner, Kotak Mahindra Banking company mentioned in a regulative filing.The plan would go through the approval of the particular investors as well as creditors of Sonata as well as BSS as well as the approval of the interested National Company Regulation Tribunal (NCLT) and other regulative authorizations, it said.The combined net worth of Sonata and also BSS is lower than 2 percent of the net worth of the banking company, as on March 31, 2024, it pointed out.Sonata as well as BSS Microfinance deal goes to an upper arm's size rate based on evaluation record acquired coming from an independent licensed valuer, it stated.BSS would release as well as set aside to the shareholders of Sonata shares in portion of 1,931 allotments of stated value of Rs 10 each in BSS for every 10,000 shares of face value of Rs 10 each kept by all of them in Sonata according to system of amalgamation, it claimed.The plan of combination is actually in between pair of unreported subsidiaries of the banking company and the banking company is certainly not an event to the system, it claimed.Therefore of this particular combinations, it mentioned, there would certainly be no modification in the shareholding design of the banking company.BSS as well as Sonata serve as service correspondents for the bank as well as provide micro financial, unsecured little ticket financings as well as tiny worth safeguarded finances to women debtors as well as people in support of the lender.Sonata's net worth was Rs 389 crore while BSS' stood at Rs 1,010 crore by the end of March 31, 2024.Kotak Mahindra Bank introduced achievement of Sonata Money in February 2023. Declaration: Entities managed by the Kotak family possess a substantial holding in Service Requirement Pvt Ltd. Initial Posted: Aug 12 2024|9:17 PM IST.