Kotak Mahindra Bank Acquires Sonata Finance For Rs 537 Cr

Kotak Mahindra Bank announced on Thursday that it has completed the acquisition of NBFC Sonata Finance Pvt Ltd for Rs 537 crore. Sonata, which boasts an asset under management (AUM) of approximately Rs 2,620 crore as of 31 December 2023, operates across 10 states through 549 branches.

In a regulatory filing, Kotak Bank stated, "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."

Following the acquisition, Sonata now operates as a wholly-owned subsidiary of Kotak Bank.