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SoftBank Group's sale of 5% telco unit stake to raise $2.9 billion

Reuters
·1-min read
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo

TOKYO (Reuters) - SoftBank Group Corp <9984.T> said on Friday its planned sale of 5% in its domestic telco SoftBank Corp <9434.T> would fetch 310.2 billion yen (2.4 billion pounds), as part of a programme to raise $41 billion through asset sales.

The Japanese company announced a day before that it would sell 240 million shares in the subsidiary, leaving it with a 62.1% stake in Japan's third-largest wireless carrier.

SoftBank needs cash for a record stock buyback aimed at supporting the price of its shares, as its tech investments falter.

(Reporting by Chris Gallagher; Editing by Muralikumar Anantharaman)