Softbank offers to buy more Flipkart shares at reduced valuation of $9 bn-$10 bn valuation

Japan’s Softbank Group Corp offered to buy an undisclosed number of shares in e-commerce giant Flipkart at a reduced valuation in the range of $9 billion to $10 billion, the Mint reported on Thursday. Softbank offered to buy Flipkart shares from investors and former and existing employees for $85 to $89 per share, the paper reported, citing sources. Flipkart could not be immediately reached for comment outside regular business hours. Softbank declined to comment. [caption id=“attachment_3014990” align=“alignleft” width=“380”]  Binny Bansal (left) and Sachin Bansal, co-founders, Flipkart[/caption] Investment bank Goldman Sachs is managing the share sale, the report said. 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. The company had then said: This is the biggest ever private investment in an Indian technology company. In a statement, it said: “The investment is part of the previously announced financing round, where Flipkart had raised capital from three of the world’s premier technology companies - Tencent, eBay and Microsoft. “After this financing round, Flipkart will have in excess of $4 billion of cash on balance sheet.”