Kotak Mahindra Bank Ltd. said it acquired a 100% stake in Sonata Finance Private Ltd. for around 537 crore rupees ($64 million).

Kotak acquired the non-banking financial company today, the private sector lender said in a stock exchange announcement. With this acquisition, Sonata Finance has become a wholly owned subsidiary of the bank, it added.

Sonata Finance operates in 10 states through 549 branches and its asset under management stood at about 2,620 crore rupees at the end of December 2023.

Note: $1= 83.3507 Indian rupees

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