The Kotak Mahindra Bank has announced that it will acquire 100% equity shares of Sonata Finance (SFPL) for Rs 537 crore.* Sonata Finance is a non-banking finance company, which is engaged in microfinance.* This acquisition will provide Kotak Mahindra Bank access to 502 branches across the ten states.* The SFPL will become a wholly owned subsidiary of the bank after receiving regulatory and other approvals.* SFPL has Rs 1,903 crore of assets, servicing a customer base of 9 lakh with 2,882 employees. * Kotak Mahindra Bank plans to use the acquisition to scale up its operations in the rural and semi-urban markets in the northern states of India...Source : Times of India
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