One of India's largest makers of auto parts, Samvardhana Motherson International, will launch a share sale of up to $ 715 million this month, two sources briefed on the matter told Reuters, the latest company to tap a booming stock market.

The fund-raising exercise stands to be one of India's biggest this year, data from Dealogic shows, lagging only $ 1-billion share sales by Vedanta and Adani Energy in recent months. With a market capitalisation of about $ 15 billion, Motherson supplies parts to domestic and global automakers such as Maruti Suzuki and Mercedes-Benz.

Motherson's roadshows for the fund-raising exercise are "finding support from investors," said one of the two sources, who sought anonymity as the planning process is confidential. The exercise is expected to be completed by month-end, the sources said, adding that the company plans to use the funds raised to repay debt, fund some expansion and certain capital expenditure. The funds will be raised through a so-called Qualified Institutional Placement (QIP), which listed Indian companies use to raise funds from large institutions.

Motherson reported revenues of $ 11.75 billion and operating profit of more than $ 1 billion in the fiscal year that ended in March. Its net debt at the end of June stood at $ 1.58 billion.

Axis Bank, HSBC, Jefferies, JM Financial and Morgan Stanley are advising the company on the share sale. Jefferies declined to comment, while the other four did not respond to Reuters' requests for comment.

Motherson says it is among the world's largest suppliers of auto parts and also counts Tata Motors, Volkswagen, Ford Motor and Porsche among its clients. Listed on the stock exchanges in 1993, the company also supplies parts to the aerospace, consumer goods and health and medical industries. It has acquired 45 companies in India and globally over the past two decades. India's stock market is on a hot streak, with the benchmark index up 16% this year, outdoing Asian peers.