Sobha Developers, the Bangalore based real estate player, has informed that it has received approval from the shareholders of the company for raising Rs 1,500 crore and hiking Foreign Institutional Investor (FII) limit to around 100 per cent of the equity share capital of the company.

Under the arrangement, the company would raise Rs 1,500 crore from international markets by issuing shares through American Depository Receipts, Global Depository Receipts and from domestic routes through issuing warrants and debentures.

Further, the company will increase the FII investment limit in the company to 100 per cent of the paid-up capital for the time being, "provided that the equity shareholding of each FII on his own shall not exceed 10 per cent of the total paid-up equity share capital of the company''.

The scrip of the company closed the day at Rs 222 on BSE. The counter has made 52-week-high and low of Rs 417 and Rs 67 respectively.