Kotak Mahindra Bank today acquired Non-Banking Financial Company (NBFC) Sonata Finance for 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 31st December, 2023.
According to a regulatory filing by Kotak, the bank has, today, acquired 100 per cent of the issued and paid up capital of Sonata Finance for a total consideration of approximately Rs 537 crore.
With this acquisition, Sonata has now become a wholly-owned subsidiary of Kotak Bank.
