Shares of Kotak Bank are buying and selling at Rs 1,789.35, up 0.77 per cent on the BSE.
With this acquisition, Sonata has develop into a completely-owned subsidiary of Kotak Mahindra Bank
Kotak Mahindra Bank on Thursday mentioned it has acquired NBFC Sonata Finance Pvt Ltd for Rs 537 crore. Sonata, which has an asset beneath administration (AUM) of about Rs 2,620 crore as of December 31, 2023, is working in 10 states by way of 549 branches.
“The Bank has, today, acquired 100 per cent of the issued and paid up capital of Sonata Finance Private Limited, a Non-Banking Finance Company (NBFC), a microfinance institution registered with the RBI for a total consideration of approximately Rs 537 crore,” Kotak Bank mentioned in a regulatory submitting.
With this acquisition, Sonata has develop into a completely-owned subsidiary of Kotak Bank.
Shares of Kotak Bank have been buying and selling at Rs 1,789.35, up 0.77 per cent on the BSE.
