RBI rejects Kotak Bank's plan for dilution of promoter stake
The RBI has rejected Kotak Mahindra Bank's plan to dilute promoter Uday Kotak's shareholding by allotting preferential shares.nnnThe bank said it believes it has met the regulator's guidelines and will continue to engage with the RBI on the same.nnnThe bank had said that it issued non-convertible perpetual non-cumulative preference shares to trim promoter's stake from 30% to 19.7%.