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Oct 20, 2023 · Kotak-Mahindra-Bank. 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 ...
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. Kotak Mahindra Primus was subsequently renamed as Kotak Mahindra Prime. In 2006 ...
Feb 15, 2023 · The acquisition of Sonata Finance, according to the bank, will help to expand its reach in rural areas. Kotak Mahindra Bank CEO Uday Kotak. (file image) Kotak Mahindra Bank announced the ...
Date- 10th February, 2023 : Kotak Mahindra Bank Limited announces acquisition of Sonata Finance, a Leading Microfinance Institution. Kotak Mahindra Bank announced that it has executed binding share purchase agreement(s) to acquire 100% of equity shares of Sonata Finance Private Limited, a leading microfinance institution, subject to regulatory and other approvals, including from Reserve Bank of India for an aggregate all-cash consideration of ~₹ 537 crore.
Mar 28, 2024 · Kotak Mahindra Bank has acquired 100% of the issued and paid-up capital of Sonata Finance Pvt Ltd for a total consideration of approximately Rs 537 crore, the private setor lender said on Thursday. Sonata Finance is a non-banking finance company, or a micro finance institution registered with the Reserve Bank of India ().With this acquisition, Sonata has become a wholly-owned subsidiary of the bank.
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 were ...
Mar 28, 2024 · As previously communicated in February 2023 and October 2023, the Kotak Mahindra Bank had expressed its intention to acquire Sonata Finance. Now finalized, this acquisition brings Sonata's ...
Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, 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.
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. Sonata operates in 10 states through 549 branches and has assets under management worth Rs 2,620 crore as on December 31, 2023, the exchange notification 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 economically ...
