Kotak Bank acquires Sonata Finance for Rs 537 cr

New Delhi: Kotak Mahindra Bank on Thursday said it has acquired NBFC Sonata Finance Pvt Ltd 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 December 31, 2023.

"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), a microfinance institution registered with the RBI for a total consideration of approximately Rs 537 crore," Kotak Bank said in a regulatory filing.

With this acquisition, Sonata has become a wholly-owned subsidiary of Kotak Bank.

Shares of Kotak Bank were trading at Rs 1,789.35, up 0.77 per cent on the BSE.