Norwegian Air Shuttle will sell its entire 17.5% stake in banking company Norwegian Finans Holding to Cidron Xingu Limited for 2.22 billion Norwegian crowns (US$246.7 million), the airline said on Monday.

The deal will boost Norwegian Air's cash holding by 934 million crowns, it added, boosting the balance sheet of the loss-making carrier.

Norwegian Finans Holding is the owner of Bank Norwegian. Cidron Xingu Limited is indirectly controlled by Nordic Capital Fund IX and Sampo.

The shares were sold at 68 crowns each, a 15.4% premium over Friday's closing of 58.90 crowns, Norwegian Air said, giving the company an accounting gain of 196 million crowns.

"The sale of the NOFI shares is part of Norwegian's strategy to strengthen our core airline operations and focusing on the transition from growth to profitability," the carrier's acting Chief Executive Geir Karlsen, said in a statement. (US$1 = 8.9996 Norwegian crowns)