Chinese flag carrier Air has received approval from the China Securities Regulatory Commission for its plan to raise US$839.59 million through a private A-share placement to supplement its working capital, reported Dow Jones Newswires.

Air China said in March it planned to sell no more than 585 million A shares at no less than 9.58 yuan per share to as much as 10 investors, including its parent China National Aviation Holding, who would subscribe to no less than $224.75 million worth of A-shares.