Kotak mahindra bank acquisition
Kotak Mahindra Bank has declared the accomplished procurement of Sonata Finance Private Limited (“Sonata”). This acquisition, solidified today for an approximate sum of Rs. 537 crore, signifies Kotak Mahindra Bank’s complete ownership of Sonata.
As an NBFC-MFI registered with the Reserve Bank of India (RBI), Sonata operates across 10 states, spanning 549 branches. As of December 31, 2023, it boasted a notable Asset Under Management (AUM) of around Rs. 2,620 crore.
“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 said in a regulatory filing.
Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management
