Wheels India Ltd, a TVS group company, has announced its plans to revisit market to raise Rs 100 crore through a public issue.

Wheels India Managing Director Srivats Ram said on Friday that the proposal to raise Rs 100 crore through a public issue had already been cleared by the company's board of directors, though it still required shareholders' approval.

Addressing a press conference, Mr. Ram also declared that the company would use the proceeds to meet its annual capital requirements, working capital needs, and to improve debt-equity ratio.

Speaking on the topic, he said, "The Rs. 100 crore will go a long way towards helping the company fund this in an equitable manner that will help sustainable growth."

Wheels India Ltd will be revisiting the capital market after 37 years. The company first went public in the year of 1975.

Separately, global engineering giant Titan Europe Plc has made an open offer to buy 1.42 million shares, or a 14.38 per cent stake, in Wheels India. A filing with the BSE revealed that Titan Europe offered Rs 725 a share or Rs 102.8 crore for the stake.

Wheels India Ltd, which produces steel wheels for passenger cars, sports utility vehicles, buses, trucks, tractors and construction equipment, accounts for around two-thirds of the domestic wheel market.