Teddy Sagi, the Israeli founder of gaming software giant Playtech, is selling another 11.5 per cent of his shares in the company, earning the billionaire more than £300m.

Playtech

The initial offering was to be for 10.1 per cent (32 million ordinary shares) but demand saw that total rise to 36.5 million shares, equivalent to 11.5 per cent.

The move leaves Sagi with a stake of approximately 6.5 per cent in Playtech, held via his Brickington Trading company.

The placing is expected to go through on June 29 and is the third time in the last seven months that Sagi has offloaded shares, following December's sale of 12 per cent, worth £329m, and in March the further offload of 4.1 per cent, worth another £133m.