Kotak Mahindra Bank on Thursday, March 28 acquired 100% stake in Sonata Finance Private Limited for a total consideration of around ₹537 crore.
The non-banking finance company and micro finance institution is registered with the RBI.
Sonata operates in 10 states across the country and has 549 branches. Its assets under management are pegged at around ₹2,620 crore as of December 31, 2023, Kotak Mahindra Bank said in a stock exchange filing.
With Thursday's acquisition, the company has become a wholly-owned subsidiary of the lender.
Kotak Mahindra Bank shares were trading in the green for the second day on March 28, up 0.93% at ₹1,792.15 apiece at 12.55 pm. The stock ha sgained for six out of the last seven trade sessions. It has gained 6.47% in the past month.
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First Published: Mar 28, 2024 1:01 PM IST
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