SoftBank Group set out plans to sell another portion of its domestic mobile business, seeking to raise JPY1.3 trillion ($12.6 billion) as part of an ongoing debt reduction scheme.

The Japan-based company stated it will sell 927 million shares in SoftBank Corp in a secondary offering next month, reducing its stake from 62.1 per cent to 40.4 per cent.

Bloomberg reported the target sum is based on the closing price of its shares today (28 August).

SoftBank raised JPY330 billion in a prior sale conducted in May.

A massive JPY961.6 billion net loss in the year to end-March prompted SoftBank to explore the sale of JPY4.5 trillion-worth of assets to tackle mounting debt.

Asset sales were credited as one factor contributing to a return to profitablity in its fiscal Q1 (to end-June), alongside gains on a sale of its T-Mobile US stake and income from Vision Fund investments.

Meanwhile, SoftBank Corp today detailed plans to spend up to JPY100 billion to buy back 1.68 per cent of its shares over a six month period beginning on 1 October.