Home / BusinessNews / Softbank offers to buy more Flipkart shares at reduced $9 bln-$10 billion valuation: Mint

Softbank offers to buy more Flipkart shares at reduced $9 bln-$10 billion valuation: Mint



(Reuters) – Japan’s Softbank Group Corp (9984.T) offered to buy an undisclosed number of shares in Indian e-commerce giant Flipkart at a reduced valuation in the range of $9 billion to $10 billion, the Mint daily reported on Thursday.

The logo of India’s largest online marketplace Flipkart is seen on a building in Bengaluru, India, April 22, 2015. REUTERS/Abhishek N. Chinnappa/File Photo

Softbank offered to buy Flipkart shares from investors and former and existing employees for $85 to $89 per share, the paper reported, citing sources. bit.ly/2j2D9Ec

Flipkart could not be immediately reached for comment outside regular business hours. Softbank declined to comment.

Investment bank Goldman Sachs is managing the share sale, the Mint reported.

The Bengaluru-based company reported an $11.6 billion valuation in April, after a funding round from Tencent Holdings Ltd (0700.HK) and others.

Reuters reported in August that SoftBank’s Vision Fund would invest nearly $2.5 billion in Flipkart through primary and secondary share purchases.

Reporting by Sangameswaran S in Bengaluru; Editing by Amrutha Gayathri

Our Standards:The Thomson Reuters Trust Principles.

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