Brake Maker Seeks Equity Capital

Fras-le, a Brazilian maker of vehicle parts that is part of the Randon group, is planning to raise funds through a follow-on equity offering, it says. The size and timing have not been determined, though initial filings with regulators in December are likely done with an early 2014 issue in mind. It plans to offer both primary and secondary shares. Banco Votorantim and Santander have been hired to manage. The specialist in brake parts exports to about 80 countries. Fras-le’s preferred shares, which trade in low volumes, closed at BRL 5.84 ($2.44) Wednesday.