China's first and largest low-cost carrier Spring Airlines (9C) announced Wednesday night that China Securities Regulatory Commission has approved the airline's application of raising 4.5 billion yuan by non-public offering of A-class shares.

The Shanghai-based budget airline expects to raise up to 4.5 billion yuan by issuing not more than 76.79 million shares, with the offer price of 58.60 yuan per share.

The fund raised will be used for the purchase of 21 Airbus A320 aircraft and its "internet airline" project.

The airline's shares closed at 57.49 yuan per share on Wednesday.