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Kotak Mahindra Bank gets RBI’s nod to acquire Sonata Finance

20 Oct 2023 Evaluate

Kotak Mahindra Bank has received approval from Reserve Bank of India (RBI) to acquire 100% issued and paid up capital of Sonata Finance (Sonata) for a total consideration of around Rs 537 crore. The RBI has allowed Kotak to make Sonata as its business correspondent subsidiary and the entity will now be a wholly-owned subsidiary of Kotak Mahindra Bank. The acquisition will help the lender deepen presence in the rural and semi-urban pockets in north India. 

Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.

Peers
Company Name CMP
HDFC Bank 703.80
ICICI Bank 1357.00
Axis Bank 1243.90
Kotak Mahindra Bank 440.80
Indusind Bank 876.25
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