Kotak Mahindra Bank’s share price: Kotak Mahindra Bank has officially completed the acquisition of Sonata Finance Private Limited (“Sonata”), marking its full ownership of Sonata. The acquisition, which concluded today, involved a total consideration of approximately Rs. 537 crore.
On March 28, at 1:33 pm on the BSE, Kotak Mahindra Bank’s stocks were trading positively, up by 1.15 percent at ₹1796. The company’s stock is currently approximately 12 percent lower than its 52-week high of ₹2,063. Kotak Mahindra Bank has a market capitalization of ₹3,57,015 crore. -Kotak Mahindra Bank’s share
As communicated earlier in February 2023 and October 2023, the Bank had expressed its intention to acquire Sonata. With the acquisition now concluded, Sonata’s extensive microfinance network comes under the umbrella of Kotak Mahindra Bank.
Registered with the Reserve Bank of India (RBI), Sonata is a Non-Banking Finance Company – Micro Finance Institution (NBFC-MFI),has a presence across 10 states with 549 branches. As of December 31, 2023, it reported an impressive Asset Under Management (AUM) of approximately Rs. 2,620 crore.
In February 2024, Kotak Mahindra Bank decided to relinquish its majority ownership in the general insurance sector. The private sector lender, Kotak Mahindra Bank, revealed that Zurich Insurance would acquire a 70 percent stake in the bank’s general insurance subsidiary, Kotak Mahindra General Insurance, for ₹5,560 crore, all in a single tranche.
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In November 2023, the private lender had disclosed the sale of a 51 percent stake in Kotak Mahindra General Insurance to Zurich Insurance for ₹4,051 crore. This transaction involved a combination of fresh capital infusion and share purchase. Subsequently, there was an intended plan to sell an additional 19 percent stake within a period of three years.
