Kotak Mahindra Bank Ltd acquires Sonata Finance Pvt Ltd

Kotak Mahindra Bank Limited has, today, acquired 100% of the issued and paid up capital of Sonata Finance Private Limited ("Sonata"), a Non-Banking Finance Company - Micro Finance Institution registered with the RBI for a total consideration of approximately Rs. 537 crore. Sonata is operating in 10 states through 549 branches and has an Asset Under Management (AUM) of approximately Rs. 2,620 crore as of December 31, 2023. With this acquisition, Sonata has become a wholly-owned subsidiary of the Bank.

Shares of Kotak Mahindra Bank Limited was last trading in BSE at Rs. 1785.80 as compared to the previous close of Rs. 1775.65. The total number of shares traded during the day was 191686 in over 9162 trades.

The stock hit an intraday high of Rs. 1803.50 and intraday low of 1774.10. The net turnover during the day was Rs. 343207059.00.

Source : Equity Bulls

Keywords

KotakMahindraBank INE237A01028 Acquisition SonataFinance