Home / Business 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 choice of shares in Indian e-commerce large Flipkart at a reduced valuation within the vary of $nine billion to $10 billion, the Mint day-to-day reported on Thursday.

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

Softbank presented to buy Flipkart shares from traders and previous and current staff for $85 to $89 according to percentage, the paper reported, mentioning resources. bit.ly/2j2D9Ec

Flipkart may just no longer be straight away reached for remark out of doors common trade hours. Softbank declined to remark.

Investment financial institution Goldman Sachs is managing the percentage 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 just about $2.five billion in Flipkart via number one and secondary percentage purchases.

Reporting by means of Sangameswaran S in Bengaluru; Editing by means of Amrutha Gayathri

Our Standards:The Thomson Reuters Trust Principles.

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