SoftBank Group Corporation [9984.T] announced it has decided to sell 5% shares of its Japanese subsidiary  SoftBank Corp. [9434.T]. The company’s main purpose behind this sale is to strengthen its balance sheet. SoftBank Inc. aims to sell 240 million shares of SoftBank Corporation for 1,306.5 yen to 1,320 yen. The deal is scheduled to close on May 26.

SoftBank earlier announced it has planned to sell its shares in US T-Mobile Inc. [NASDAQ: TMUS] worth $20 billion. SoftBank Inc. has been struggling lately because the company’s unable to deliver technology startups. It has also disclosed the operating loss for the financial year of 2019-2020.

Now the Masayoshi Son-led firm is aiming to dump $42 billion in assets to aid stock buybacks and debt payment. The telecom giant also revealed that it has decided to offload its shares in Alibaba Group Holding Limited to raise 1.25 trillion yen. Recently, e-commerce giant’s founder Jack Ma announced he will leave the board of SoftBank Inc. on May 25, 2020.

Shares of SoftBank Inc. [9984.T] plummeted -1.30% and down -59.00 points during the last trading session. It has a current price of 4,480.00 and has a previous close of 4,539.00. 9984.T has a day low range of 4,456.00 and a day high range of 4,584.00. The Japanese-based firm had a trading volume of 18,193,400 as contrasted to its average volume of 31,841,322. It has a total market capitalization of 9.023 trillion.

While the shares of SoftBank [9434.T] declined by -0.79% at $1,375.00 during the last trading session. It had a trading volume of roughly 4,697,100 and a 3-month average volume of 10,981,369. 9434.T has a 52-week low and high range of 1,287.00-1,554.50, respectively.

SoftBank has a total market capitalization of 6.519 trillion. SoftBank CEO Masayoshi Son has to bear the adverse effect of novel coronavirus on a portfolio of startups. Its vision fund business has to bear the loss of 1.9 trillion yen last fiscal year.