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Sweden's Veoneer to raise $500 million for working capital

May 20 (Reuters) - Swedish auto tech company Veoneer said on Monday it intends to raise cash for working capital through an offering of its common stock and convertible senior notes.

The company plans concurrent offerings of $350 million of shares of common stock and $150 million aggregate principal amount of convertible senior notes due 2024, it said in a statement.

The electronic car products maker said in April that it would seek up to $500 million in new capital to help it cope with a downturn in the vehicle market and fund new product development.

Morgan Stanley will be the lead book-running manager for the common stock offering and the notes offering, while Nordea and SEB will be joint bookrunners for each offering, the company said. (Reporting by Sathvik N in Bengaluru Editing by Bill Berkrot)