SINGAPORE (Reuters) - Share of Singapore's Tiger Airways Holdings fell 7.7 per cent on Friday, hitting a record low, after it proposed a $234 million rights issue and posted a second-quarter loss, partly on one-time charges.

It also agreed to sell its remaining 40 per cent stake in Tiger Australia to Virgin Australia Holdings for a nominal sum of A$1.

Tiger, 40 per cent-owned by Singapore Airlines, has been streamlining its businesses to stem losses. Singapore Airlines will convert its perpetual convertible capital securities holdings into shares ahead of the rights issue, which will raise its stake in Tiger to about 55 per cent.