PartyGaming co-founder Anurag Dikshit to cut stake

Reclusive billionaire and co-founder of the UK-listed PartyGaming Anurag Dikshit is to sell two-thirds of his 28-per cent stake in the world's biggest online gambling firm through an offering to institutional shareholders.

In a press release issued today, Crystal Ventures Limited, said that it intends to sell up to 75 million shares of PartyGaming PLC in an accelerated bookbuilt offering to institutional investors. The 100-per cent beneficiary of Crystal Ventures Limited is Anurag Dikshit.

The shares are worth approximately £213 million ($350 million) based on Monday's closing share price of 284.5 pence.

Dikshit, who is the second biggest shareholder in PartyGaming, is estimated by Forbes magazine to be worth $1 billion, and after the sale will still hold 39 million shares of the world's leading listed online gaming company.

In December, Dikshit agreed to a plea bargain with the US Department of Justice for having violated the internet betting law in the US where he agreed to forfeit $300 million in a plea bargain although he could still face a two-year prison term and a fine of $250,000. (See: Online gambling tycoon nailed by DoJ)

In September 2006, the US Congress passed the Safe Port Act, which made PartyGaming announce that it would "suspend all real money gaming business with US customers.