New Delhi: Indiabulls Ventures on Friday said its board has approved to raise around Rs2,063 crore via share sale to certain foreign investors in order to capitalise and fund its two subsidiaries —IVL Finance and Indiabulls Asset Reconstruction Company.

The company's board has approved preferential offer and issue of up to 4,58,39,888 fully paid up equity shares at an issue price of Rs450 per equity share, for cash consideration aggregating to around Rs2,063 crore, to certain foreign investors, Indiabulls Ventures said in a regulatory filing.

The company's shareholders would meet on 31 May 2018, to consider the proposed preferential issue of shares, it added.