Kotak Mahindra Bank (Kotak Mahindra Bank) has acquired NBFC Sonata Finance Private Limited (Sonata Finance) for Rs 537 crore. The bank gave this information to the stock market on Thursday. “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) for approximately Rs 537 crore,” the bank said. This small finance unit is registered with RBI. Sonata is operating in 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.
Bank shares jumped
Kotak Mahindra Bank shares have seen a rise on Thursday. Kotak Mahindra Bank shares were seen trading with gains on Bombay Stock Exchange on Thursday. The bank’s shares were seen trading at Rs 1800.70 with a gain of 1.41 per cent or Rs 25.05 on Thursday afternoon. 52 week high of this share is Rs 2063. Whereas, 52 week low is Rs 1666. The market cap of the bank was seen trading at Rs 3,57,731.64 crore on the Bombay Stock Exchange on Thursday afternoon.
Was established in 2006
Sonata Finance Private Limited is a microfinance company, registered as NBFC-MFI. This company was established in January, 2006. This company is engaged in economic empowerment and financial inclusion of women. Besides, it also takes care of the deprived section of the society. Sonata Finance is a well-known microfinance company in North India.
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