Motherson Sumi Systems Ltd., the Indian supplier to Daimler AG, is working with JM Financial Ltd. and UBS Group AG for an institutional share sale of as much as 30 billion rupees ($446 million), people with knowledge of the matter said.

The country’s biggest auto parts maker is also working with ICICI Securities Ltd., IDFC Ltd. and IIFL Holdings Ltd. on the planned offering, according to the people. The Noida-based company aims to sell shares in the next two months, the people said, asking not to be identified as the information is private.

Motherson Sumi is raising funds to build new factories as it seeks to more than triple annual revenues to $18 billion by the financial year ending March 2020. The company, which makes door panels for Mercedes-Benz E-Class sedans, is looking at more acquisitions after buying 18 companies to date, Chairman Vivek Chaand Sehgal said on an analyst call earlier this month.

Shareholders of Motherson Sumi will vote Aug. 31 on the institutional share sale plans, according to an exchange filing earlier this month. It will seek to raise another 5.6 billion rupees from Japan’s Sumitomo Wiring Systems Ltd., which already owns about a quarter of the company, the filing shows.

A spokesman for Motherson Sumi didn’t immediately reply to an e-mail seeking comment. Shares of the company have risen 13 percent this year, beating the 7.1 percent gain in the benchmark S&P BSE Sensex index.

Motherson Sumi is planning 18 billion rupees of capital expenditure this financial year, which will mostly be used for new facilities, Chief Financial Officer G. N. Gauba said in a May interview. The company makes components such as mirrors, bumpers and instrument panels for customers including BMW AG, Ford Motor Co. and Hyundai Motor Co., according to an August presentation.

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