Kotak Bank gets RBI nod to acquire Sonata Finance

PTI

Updated At : 01:25 PM Oct 21, 2023 IST

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Mumbai, October 20

Kotak Mahindra Bank on Friday said the Reserve Bank has given approval for its Rs 537-crore acquisition of microlender Sonata Finance.

The city-based private lender had on February 10 this year announced its intent to acquire Sonata.

“RBI has, vide its letter dated October 19 received by the bank on October 19, conveyed its approval to the Bank, for acquiring 100% of the issued and paid-up capital in Sonata,” a regulatory filing by Kotak Mahindra Bank said.

The RBI has allowed Kotak to make Sonata as its business correspondent subsidiary and the entity will now be a wholly-owned subsidiary of Kotak Mahindra Bank, it added. In February, Kotak had said Sonata had Rs 1,903 crore of assets under management.

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