Kotak Mahindra Bank Approves Sonata-BSS Amalgamation

14 Aug 2024 CW Team

Kotak Mahindra Bank announced that its wholly-owned subsidiaries, Sonata Finance Private Ltd and BSS Microfinance Ltd, have approved a scheme of amalgamation at their respective board meetings. The merger will see Sonata combine with BSS Microfinance on a going concern basis, pending approval from the shareholders and creditors of both companies, as well as the National Company Law Tribunal (NCLT) and other regulatory authorities.

As of March 31, 2024, the combined net worth of Sonata and BSS is less than 2% of Kotak Mahindra Bank's overall net worth. The transaction is based on an arm's length price determined by an independent valuation report.

Under the scheme, BSS will issue 1,931 shares of face value ?10 each for every 10,000 shares of face value ?10 held by shareholders of Sonata. Importantly, Kotak Mahindra Bank itself is not a party to this scheme, and there will be no change in its shareholding pattern as a result of the amalgamation. Both subsidiaries operate as business correspondents for the bank, providing microfinance and small loans to women borrowers and individuals.

As of March 31, 2024, Sonata's net worth was Rs3.89 billion, while BSS's net worth stood at Rs.10.10 billion. Kotak Mahindra Bank previously announced the acquisition of Sonata Finance in February 2023.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..