Japan’s Softbank Group Corp 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. Softbank offered to buy Flipkart shares from investors and former and existing employees for $85 to $89 per share, Mint reported, citing sources. 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 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.