RBI rejects Karnataka Bank's preferential issue to IFC

Karnataka Bank Ltd has announced that the 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. Therefore, the Bank is not allotting the captioned shares to IFC on preferential basis.

The Stock was trading at Rs.207.20, down by Rs.4.55 or 2.15%. The stock hit an intraday high of Rs.214.95 and low of Rs.204.50.

The total traded quantity was 17620 compared to 2 week average of 13302.

Source : Equity Bulls

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