China's largest low-cost carrier Spring Airlines is planning to raise 4.5 billion yuan or 735 million U.S. dollars to buy 21 Airbus A320 jets.

The Shanghai-listed company is to fund the purchase through a private placement of shares.

More than 80 percent of the money raised will be spent on the purchase of the Airbus planes.

The rest will be used to improve in-flight WiFi, upgrade information management and build its online ticket sales platform.

Spring Airlines currently operates more than 90 domestic and international routes.