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Softbank offers to buy more Flipkart shares — but at a reduced valuation

Japan’s Softbank Organize offered to buy an undisclosed number of shares in Indian e-commerce giant Flipkart at a converted valuation in the range of $9 billion to $10 billion, the Mint constantly reported on Thursday.

Softbank offered to buy Flipkart shares from investors and previous and existing employees for $85 to $89 per share, Mint reported, citing proveniences.

Flipkart could not be immediately reached for comment outside regular job hours.

Softbank declined to comment.

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

The Bengaluru-based company reported an $11.6 billion valuation in April, after a funding through from Tencent Holdings and others.

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

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