Kotak Mahindra, on Friday, received approval from the Reserve Bank of India to acquire Sonata Finance for ₹537 crore, the company said in its filing on Friday.
Kotak Mahindra Bank’s shares were trading 1.68% higher at ₹1767.50 per share on BSE at 2:37 pm.
The bank had announced to acquire 100% stake of the Non-Banking Finance Company, Sonata Finance Private Limited, in February this year. The acquisition received approval of the RBI on October 19, the company said in its stock filing. After the completion of the transaction, Sonata will become a ‘wholly-owned subsidiary of the Bank’.
“We now wish to update you that the RBI has, vide its letter dated October 19, 2023 received by the Bank on October 19, 2023, conveyed its approval to the Bank, for acquiring 100% of the issued and paid up capital in Sonata, as mentioned above, and to make Sonata a Business Correspondent subsidiary of the Bank,” said Kotak Mahindra Bank in its BSE filing on Friday.
(More to come)
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