Kotak Mahindra, received approval from the Reserve Bank of India to acquire Sonata Finance for Rs. 537 crore, the company said in its filing.

• Kotak Mahindra Bank's shares were trading 1.68% higher at Rs.1767.50 per share on BSE at 2:37 pm.  
• The bank had announced to acquire 100% stake of the Non-Banking Finance Company, Sonata Finance Private Limited, in February this year.
• The acquisition received approval of the RBI on October 19, the company said in its stock filing. After the completion of the transaction, Sonata will become a ‘wholly-owned subsidiary of the Bank’. 
• The approval has come prior to the announcement of September quarter result by Kotak Mahindra. The bank is set to announce its Q2 results on October 21.