For Rs 537 crore, Kotak Mahindra Bank purchases Sonata Finance; more information here

On Thursday, Kotak Mahindra Bank announced that it had paid Rs 537 crore to buy NBFC Sonata Finance Pvt Ltd. With 549 branches and an asset under management (AUM) of around Rs 2,620 crore as of December 31, 2023, Sonata operates in 10 states.

“Today, for a total consideration of approximately Rs 537 crore, the Bank has acquired 100% 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,” Kotak Bank said in a regulatory filing.

Sonata has become a fully-owned subsidiary of Kotak Bank as a result of this transaction.

On the BSE, Kotak Bank shares were up 0.77 percent, trading at Rs 1,789.35.