The board of Snowman Logistics on Monday approved raising funds up to ₹250 crore by issuing eligible securities , including equity shares, or other eligible instruments including but not limited to compulsorily convertible debentures or non-convertible debentures with warrants, through qualified institutional placement. The board also gave its nod to increase the authorised share capital of the company from ₹200 crore to ₹250 crore.It will seek the approval of shareholders for fund raising and rise in authorised share capital via postal ballot. Shares of Snowman closed 7.2 per cent lower at ₹52.10 on the BSE.