ICICI Securities Ltd | Retail Equity Research The Bombay High Court (HC) denied an interim stay to Kotak Mahindra Bank (KMB) with respect to its December 31 deadline to dilute its promoter holding. The ongoing debate is on using non-convertible perpetual noncumulative preference shares (PNCPS) as a means for dilution. According to RBI commentary now, PNCPS has no voting rights. The next hearing by the HC is scheduled on January 17, 2019 while the December 31, 2018 deadline to reduce the promoter's stake below 20% still stands. KMB had issued 100 crore non-convertible PNCPS of face value | 5 each...