Kotak Mahindra Bank had issued 100 crore non-convertible perpetual noncumulative preference shares (PNCPS) of face value | 5 each aggregating to | 500 crore. It will be added to the paid up capital but not equity capital. Post the issue, the promoter stake, which was earlier at 30.03%, has declined to ~19.7%, adhering to RBI requirement on reducing shareholding under 20%. The RBI has been informed about the transaction while approval on the same is awaited. RBI had previously mandated the bank reduce promoter stake to 20% of paid up capital by December 2018 and 15% by March 2020. As per media reports, issued PNCPS will be listed on the stock exchange....