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Benchmark, Menlo Ventures ready to sell some Uber stock: SoftBank

Uber employees with at least 10,000 of vested shares will be eligible to sell

ANI  |  New York 

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo. (File Photo: Reuters)
The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo. (File Photo: Reuters)

Group-led team of investors has confirmed that they have found likely sellers for the tender offer for app-based cab aggregator, Uber's shares.

According to TechCrunch.com, from existing shareholders will be sold at more than 30 per cent discount as compared to the last private round.

"and Dragoneer have received indications from Benchmark, Menlo Ventures, and other early investors of their intent to sell shares in the tender offer. Any sales by these shareholders will be pursuant to the same terms and conditions as will be offered to all other eligible holders that participate in the tender offer," said a statement from Group.

Moreover, Sequoia Capital, Tencent and TPG are also looking to invest in Uber.

Sequoia Capital had previously invested in Uber through its 'scout' programme, which involved covertly finding deal opportunities through its network.

Alfred Lin, a partner in Sequoia, also made an angel investment at the seed stage.

Today, Uber employees with at least 10,000 of vested shares will be eligible to sell.

Moreover, other Uber shareholders, which include venture capitalists, angel investors and former employees could also be eligible.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, November 29 2017. 21:25 IST
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