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Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking licence from the Reserve Bank of India (RBI), becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd.
Kotak Mahindra Finance was then renamed Kotak Mahindra Bank. At the time, Uday Kotak had a 56% stake in the company while Anand Mahindra held a 5% stake. In 2005, Kotak Mahindra Bank acquired Ford Credit's 40% stake in Kotak Mahindra Primus, making it a wholly-owned subsidiary of the group.
Mar 28, 2024 · Kotak Mahindra Bank Acquires Sonata Finance: 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.
Oct 20, 2023 · The Reserve Bank of India (RBI) has approved Kotak Mahindra Bank's acquisition of Sonata Finance Pvt Ltd and making it a business correspondent subsidiary, the private lender said in...
Oct 20, 2023 · Kotak Mahindra, on Friday, received approval from the Reserve Bank of India to acquire Sonata Finance for ₹ 537 crore, the company said in its filing on Friday. Kotak Mahindra Bank's shares...
Kotak Mahindra Bank acquires 100% stake in Sonata Finance, a leading microfinance institution. EY has successfully advised the shareholders of Sonata Finance Private Limited on its 100% sale to Kotak Mahindra Bank Limited for approximately INR 537 crore.
Mar 28, 2024 · Kotak Mahindra Bank on Thursday informed exchanges that it had acquired 100 per cent stake in Sonata Finance Private Limited – a microfinance institution — for Rs 537 crore. With this acquisition, Sonata has become a wholly-owned subsidiary of the private sector bank.
Feb 10, 2023 · Private lender Kotak Mahindra Bank on Friday said it has acquired micro-finance company Sonata Finance for ₹537 crore in an all-cash deal. Sonata Finance will be a wholly owned subsidiary of the bank after receiving regulatory and other approvals, it said.
Feb 10, 2023 · India's Kotak Mahindra Bank said on Friday it would acquire Sonata Finance Pvt Ltd for 5.37 billion rupees ($65.04 million) in an all-cash deal, in a push to strengthen lending to...
Oct 20, 2023 · Private lender Kotak Mahindra Bank Ltd had entered into share purchase agreements with the shareholders of Sonata Finance Private Ltd, a non-banking finance company, to acquire a 100% stake for ₹537 crore.
