April 17 (Reuters) - Royal Mail's parent company International Distributions Services on Wednesday rejected a proposal from an investment vehicle of Czech billionaire Daniel Kretinsky, saying it significantly undervalued the parcel and postal services firm.

EP Corporate Group made a possible cash offer for IDS on April 9 and sought the board's recommendation, but IDS rejected it, the Royal Mail owner said in a statement. (Reporting by Yadarisa Shabong and Yamini Kalia in Bengaluru; Editing by Anil D'Silva)