Reportedly indian conglomerate Tata Sons is in talks to buy out AirAsia Group Bhd’s stake in their airline joint venture in india at a steep discount, the business Standard newspaper reported on thursday, citing banking sources.Tata Sons will likely tie up with other financial investors to acquire AirAsia’s 49% stake in the venture, according to the newspaper.Malaysian budget carrier AirAsia said earlier in the day that it was in talks to raise more than 1 billion ringgit ($234.52 million) in funds, a day after its auditor cast doubt on its ability to continue as a going concern. Tata Sons declined to comment. AirAsia did not immediately respond to a request for comment. Meanwhile American airlines Group Inc said it plans to secure $3.5 billion (2.83 billion pounds) in new financing, to improve the airline’s liquidity as it grapples with travel restrictions caused by the coronavirus.

The company plans to raise $1.5 billion by selling shares and convertible senior notes due 2025, the airline said in a statement. Additionally, the airline said it will offer $1.5 billion in senior secured notes and that it intends to enter into a new $500 million term loan facility due 2024. The company expects to use the net proceeds from the stock and convertible notes offerings for general corporate purposes and to enhance its liquidity position, the airline added.The stock and convertible notes offerings, first reported by Bloomberg news, include a 30-day option for the underwriters to purchase up to $112.5 million of additional common shares and up to $112.5 million of additional convertible notes respectively, the company said.

Goldman Sachs & Co. LLC, Citigroup, BofA Securities and JP Morgan will be acting as representatives for the underwriters. American airlines and Delta air Lines Inc said last week that a modest recovery in demand was helping to slow daily cash burn rates in june after the US government reported record low passenger numbers in april amid the coronavirus pandemic.