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SoftBank Group Corp. plans to raise as much as ¥313 billion ($2.9 billion) by selling a 5 percent stake in its Japanese wireless subsidiary this month, the latest in a series of asset divestitures intended to fortify its ailing balance sheet.

The group intends to sell 240 million shares of SoftBank Corp. for ¥1,306.5 to ¥1,320 apiece, a discount of as much as 5 percent to Thursday’s close. The parent company said its ownership stake will fall to 62.1 percent after the deal, which closes May 26.

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