The spacetime singularities in classical general relativity are inevitable, as predicated by the celebrated singularity theorems. However, it is a general belief that singularities do not exist in Nature and that they are the limitations of the general relativity. In the absence of a well-defined quantum gravity, models of regular black holes have been studied. We employ a probability distribution inspired mass function m( r) to replace the Kerr black hole mass M to represent a nonsingular rotating black hole that is identified asymptotically (r ≫ k, k>0 constant) exactly as the Kerr-Newman black hole, and as the Kerr black hole when k=0. The radiating counterpart renders a nonsingular generalization of Carmeli's spacetime as well as Vaidya's spacetime, in the appropriate limits. The exponential correction factor changing the geometry of the classical black hole to remove the curvature singularity can also be motivated by quantum arguments. The regular rotating spacetime can also be understood as a black hole of general relativity coupled to nonlinear electrodynamics.