SoftBank President Nikesh Arora to buy $480 million of company's shares

SoftBank Group Corp said on Wednesday that President and Chief Operating Officer Nikesh Arora would buy about 60 billion yen ($483 million) worth of the company's shares in the open market over the next six months.

Arora's purchase would be in a personal capacity and board members are fully supportive of his decision, the Japanese telecoms group said in a statement. Arora became president of Softbank in May.

"My past year with the SoftBank Group has been very rewarding. As a measure of commitment, I have decided to take a personal bet on the SoftBank Group and ensure an alignment of vision with our founder, Chairman and CEO Masayoshi Son," SoftBank quoted Arora as saying in the statement.