Intel Corp is planning to sell 35 million shares of Class A common stock, or about a $1.5 billion stake in Mobileye Global Inc.
At present Intel holds 99.3% voting share in the self-driving technology company but after the offering it will come down to around 98.7%.
Shares of the Jerusalem, Israel-based Mobileye fell over 4% to $40.55 in extended trading.
This news comes at a time when Mobileye is facing competition in the assisted driving market from companies like Nvidia Corp and Qualcomm Inc that are trying to venture into the space.
Mobileye, which counts BMW, Nissan and Volkswagen, among others as its customers, listed on the Nasdaq last year after raising $861 million in an initial public offering.
Goldman Sachs & Co and Morgan Stanley are acting as joint book-running managers for the share sale, the company said.
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