Kotak Bank acquired Sonata Finance for Rs 537 crore
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“The bank has today acquired 100 per cent of the issued and paid-up capital of Sonata Finance Private Limited (NBFC), a non-banking finance company, for approximately Rs 537 crore,” the bank said in a stock exchange filing on Thursday. This micro finance institution is registered with RBI.
New Delhi. Kotak Mahindra Bank has acquired NBFC Sonata Finance Pvt Ltd for Rs 537 crore. “The bank has today acquired 100 per cent of the issued and paid-up capital of Sonata Finance Private Limited (NBFC), a non-banking finance company, for approximately Rs 537 crore,” the bank said in a stock exchange filing on Thursday. This micro finance institution is registered with RBI.
Sonata operates across 10 states through 549 branches. Its ‘asset under management’ (AUM) as of December 31, 2023 was around Rs 2,620 crore. Sonata becomes a wholly owned subsidiary of Kotak Bank with this acquisition.
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