Modine Manufacturing Co, a maker of heating and cooling systems for vehicles, said it has started a public offering of 9 million common shares.

Proceeds from the offering will be used to pay back debt and for general corporate purposes, the company said in a statement.

Modine said it intends to grant the underwriters an option to purchase up to an additional 1.4 million shares.

J.P. Morgan is the book-running manager for the offering.

As of July 30, Modine had 33 million shares outstanding, according to Thomson Reuters data.

In August, Modine filed $150 million shelf for common and preferred stock, debt securities and warrants with the U.S. Securities and Exchange Commission.

Shares of Modine were down 69 cents at $7.50 Monday morning on the New York Stock Exchange. They fell as much as 10 percent to touch a low $7.39 earlier in the session. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Unnikrishnan Nair)