NEW DELHI: MapmyIndia board has approved the company's plan to raise Rs 500 crore, Homegrown navigation services firm said in a regulatory filing on Monday.

CE Info System, which operates under the brand name of MapmyIndia, will need to seek shareholders' nod and other statutory approval before fundraise through equity dilution.

The company said the board has approved ''raising of funds by way of issuance of such number of equity shares having a face value of Rs 2 each of the company (equity shares), for an aggregate amount not exceeding Rs 500 crore or an equivalent amount thereof by way of Qualified Institutional Placement (QIP) in accordance with the applicable laws''.

The company's board also approved constitution of a committee for all matters relating to the fundraising through QIP.