 "RBI turns down Kotak Bank’s stake dilution plan")
The Reserve Bank of India (RBI) has turned down the preference share issue by Kotak Mahindra Bank. The bank informed stock exchanges on Tuesday that the Reserve Bank of India (RBI) has communicated to it that its non-convertible perpetual non-cumulative preference shares (PNCPS) issue does not meet the central bank’s promoter holding dilution requirement.
“We continue to believe that we have met the requirement and will engage with the RBI in this behalf,” said the bank’s filing.
On August 2, the bank had issued one billion non-convertible perpetual non-cumulative preference shares (PNCPS) of face value of Rs 5 each to
