Indian airline service carrier Tata SIA Airlines Limited (Vistara) received 2,000 crore rupees ($273 million) from telecommunications to technology company Tata Sons and Singapore Airlines.
The board of Vistara approved the allotment of 2 billion equity shares of $0.14 apiece to Tata Sons Pvt. Ltd. and Singapore Airlines. The allotment of these shares amounts to a fund fusion of $273 million.
The board also approved the issuance of a little over 1 billion shares to Tata Sons and 980 million shares to Singapore Airlines. Tata Sons holds a 51 percent stake and the remaining 49 percent is owned by Singapore Airlines in Vistara.
The fund infusion comes at a time the airline has embarked on ambitious expansion plans, including buying 19 Airbus, Boeing planes worth $3.1 billion. Vistara is preparing to take its operations overseas and is awaiting for final approvals.