The SoftBank Corp. Group of Japan is proposing Uber to purchase Uber Technologies’ shares at $48 billion. The price money is a 30% discount to its most recent valuation that worth $68.5 billion, as was said by a familiar person who is related with the matter, on Monday. SoftBank traditionally started with this process of buying an important stake in Uber valuing $48 billion that’s way below the $70 billion valuation.

The offer price is an opening auction and is believed to be the tender offer, where a company makes a public proposal for purchasing stocks from the existing shareholders. This tender will be consuming weeks to complete, and thus the price for the ride-hailing Uber Company may seem to fluctuate till the process is entirely complete.

The investment that has been approved by the Uber Technologies would be delivering the Japanese investor to approx 17% up of this ride services company. The offer approaches as Uber is working on improving corporate governance and to trim the influence of Travis Kalanick, the former Chief Executive.

A statement from a second person who says that the tender price was just in line with what the investors have been expecting. It is also said that SoftBank is making another separate investment of $1 billion in the company at the valuation worth $68.5 billion. SoftBank is proposing this tender offer on Monday, as per sources. Even with this discounted amount, Uber is one of the most worthy companies, and this offer is a scope for early investors in locking sizable profits.

The giant public transport company has been making plans to show up in 2019. Thus investors are highly interested whether Uber will be able to maintain high valuation before staging a basic public proposal. The tender offer came at a very worst timing for Uber when it’s dealing with a series of scandals and scoops. Last week it revealed of covering up a security breach, which compromised the personal statistics of 57 million driver and rider accounts. This revelation has annoyed lawmakers and regulators across the globe.