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The Indian unit of Italy's Carraro International has begun proceedings to list on the Mumbai bourse, aiming to raise 18.1 billion Indian rupees ($216 million), Indian newspapers reported.

Pune-based Carraro India, which filed the initial prospectus to the Securities and Exchange Board of India, plans an accelerated bookbuilding, the Economic Times and other Indian media reported.

It is seeking a valuation of 10 Indian rupees per share, they said.

Italian vehicle transmission systems manufacturer Carraro International opened its Indian unit in 1997. It operates two production sites and a research and development centre in India.

It declined to comment on the reports.

Indian media said the bookbuilding has reserved up to 50% of the shares for institutional investors and 15% for non-institutional investors. At least 35% will be made available to retail investors.

($1 = 83.9550 Indian rupees)