SoftBank has agreed to sell its entire 21 stake in Flipkart to Walmart

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SoftBank is to sell its entire 21 stake in Flipkart.

The company is also looking to invest about half a million dollars in Paytm Mall.

Tencent will be the largest minority stakeholder once SoftBank exits Flipkart.

SoftBank, the Japan-based telecom and internet giant, has finally agreed to sell its 21 stake holdings in Flipkart, a report in The Economic Times said. The same report also said that the company is ready to work out the tax issues that were delaying the share sales. The company headed by Masayoshi San earlier was uncertain on selling the stocks. The company that invested approximately 2.5 billion in Flipkart in FY16 through its Vision Fund, is expected to make 4 billion in stock sales. According to reports, SoftBank was considering not selling the Flipkart shares, mainly due to the tax issues related to short-term capital gains. Another reason could be that SoftBank saw a potential valuation increase in Flipkart. Currently, Flipkart has a valuation of close to 21 billion.

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