Uber Technologies Inc. is considering selling a large number of shares to two investment groups, with a third proposal also being mulled over, according to a report in The New York Times.

Uber’s board gave the thumbs up to go ahead with an investment from Japanese telecommunications giant, SoftBank Group, while a consortium of investors led by Dragoneer Investment Group have approached Uber about buying stocks from shareholders in the company. Uber is also considering an offer from venture capitalist Shervin Pishevar (pictured).

According to anonymous sources close to the process, no new shares will be issued, but existing stock will be bought by investors. At this stage, according to the report, the investment groups will begin a process of “due diligence.”

Uber has had more than its fair share of troubles over the least year, but as the world’s biggest ride-hailing company, with a valuation of almost $70 billion, is seen as an attractive investment. It’s also believed the proposals could be a way to decrease Benchmark Capital’s stake in Uber. Benchmark is Uber’s biggest investor.

Last week Benchmark filed a lawsuit against former Uber Chief Executive Officer Travis Kalanick accusing him of fraud, breach of contract and breach of fiduciary duty. Soon after, some on Uber’s board issued a statement in which it said they were “disappointed that a disagreement between shareholders has resulted in litigation.” A group of Uber investors consisting of Shervin Pishevar, Ron Burkle and Adam Leber have also requested that Benchmark step down from Uber’s board of directors.

On Monday, Recode also reported an open letter from Benchmark to Uber employees saying it warned Kalanick more than a month ago that it would sue him if he didn’t stop trying to interfere with the board’s selection of his replacement. “We were asked to postpone any filing and assured that efforts would be made to get these changes made without a lawsuit,” part of the letter reads. “We waited and waited, watching as things deteriorated even further. Eventually we felt that we could wait no longer and took action. It is our hope that this lawsuit will break the past, persistent patterns of dysfunctional behavior — making it possible to create a truly independent board and hire a truly great CEO.”

In letter to Benchmark that was obtained by the Times, Pishevar wrote, “While I publicly asked you to resign from the Uber board in light of the overall circumstances, I do have tremendous appreciation for your role in helping the company’s development in the past.” Pishevar has proposed to buy 75 percent of shares currently held by Benchmark, which would result in the latter having to step down from the board.

Image: Silicon Prairie News via Flickr