UPDATE 1-Anglo sells Tongaat Hulett stake for $523 mln

* Says realised gross proceeds of about $523 mln

* Conducted accelerated bookbuild of 51.2 mln Tongaat shares

* Shares sold for 82 rand per ordinary share

(Adds detail, quote)

JOHANNESBURG, Aug 13 (Reuters) - Miner Anglo American PLC (AAL.L) said on Thursday it had completed the sale of its shareholding in diversified agri-processing group Tongaat Hulett (TONJ.J) to institutional investors for about $523 million.

Anglo, which announced plans for the disposal on Wednesday , said it had completed the sale through an accelerated bookbuild of 51.2 million Tongaat ordinary shares placed with qualifying institutional investors at a price of 82 rand per share.

"The equity placing will settle on 20 August 2009 and Anglo American will receive gross proceeds of 4.202 rand million or approximately $523 million," Anglo said in a statement.

It said a proposed exchangeable bond issue had not gone ahead because it had sold all of its shares in the equity placing. (Reporting by Muchena Zigomo)