Home / Sports News / Softbank offers to buy more Flipkart shares at reduced $nine bln-$10 billion valuation: Mint

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

(Reuters) – Japan’s Softbank Group Corp (9984.T) presented to buy an undisclosed selection of shares in Indian e-commerce massive Flipkart at a reduced valuation throughout the vary of $nine billion to $10 billion, the Mint day-to-day reported on Thursday.

The emblem of India’s largest on-line market Flipkart is noticed on a construction in Bengaluru, India, April 22, 2015. REUTERS/Abhishek N. Chinnappa/File Photo

Softbank presented to buy Flipkart shares from buyers and previous and provide body of workers for $85 to $89 according to percentage, the paper reported, mentioning resources. bit.ly/2j2D9Ec

Flipkart would possibly merely no longer be straight away reached for remark outdoor common trade hours. Softbank declined to remark.

Investment financial established order Goldman Sachs is managing the share sale, the Mint reported.

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

Reuters reported in August that SoftBank’s Vision Fund would make investments with regards to $2.five billion in Flipkart by the use of number one and secondary percentage purchases.

Reporting by the use of Sangameswaran S in Bengaluru; Editing by the use of Amrutha Gayathri

Our Standards:The Thomson Reuters Trust Principles.

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