Indian billionaire Anurag Dikshit is to sell two thirds of his 28 per cent stake in online gambling firm PartyGaming, according to a statement.
Mr Dikshit, who is the company's second biggest shareholder and a co-founder of the company, will sell 75 million shares or about 18 per cent of the company via an accelerated offering to institutional shareholders.
The shares are worth just over £213 million based on yesterday's closing share price of 284.5 pence.
Mr Dikshit pleaded guilty last December to breaking the law against Internet betting in the United States and agreed to forfeit $300 million. PartyGaming itself has since settled a similar dispute with the US Department of Justice.
He will continue to hold about 39 million shares or 9.5 percent of the company following the sale, remaining its second biggest shareholder.
Reuters