Top Alibaba shareholder Softbank plans to sell $7.9 billion in stock

(Reuters) – Japanese telecommunications and internet firm Softbank Group Corp on Tuesday said it will sell at least $7.9 billion of shares in Chinese ecommerce company Alibaba Group Holding Ltd in order to raise funds to reduce its debt. The transaction marks the first sale of Alibaba shares by its largest shareholder since Softbank first began investing in the company. Softbank's Alibaba stake will fall to about 28 percent of the Chinese firm from 32.2 percent in March.

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