International Finance Corporation (IFC), the private sector lending arm of World Bank, will pick up stake worth Rs 143.39 crore in Mangalore-based Karnataka Bank through preferential issue of shares.

Karnataka Bank will issue 63.73 lakh shares to IFC on preferential basis at Rs 225 apeice after obtaining the approval of Reserve Bank of India, the private sector said in a communique to the Bombay Stock Exchange.

On October 5, the bank had issued bonds worth 10 million dollar to Washington-based IFC on private placement basis. (The Hindu)