RBI rejects allotment of shares to IFC

RBI (Reserve bank of India) has rejected the proposed preferential allotment of shares to IFC by Karnataka Bank. In a communique to the BSE, the bank said that Reserve Bank of India (RBI) vide its letter dated April 16, 2008 has communicated to the Bank, its inability to accede to the Bank's proposal for allotment of 63,73,000 equity shares of Rs 10 each at a price of Rs 225 per share including the premium of Rs 215 per share on preferential basis to International Finance Corporation (IFC), Washington.