PartyGaming co-founder to sell $350 mln in shares

LONDON, Oct 20 (Reuters) - Indian billionaire Anurag Dikshit is to sell two thirds of his 28 percent stake in online gambling firm PartyGaming (PRTY.L), according to a statement released via Business Wire.

Dikshit, who is the company's second biggest shareholder and a co-founder of the company, will sell 75 million shares or about 18 percent of the company via an accelerated offering to institutional shareholders.

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

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 U.S. 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.

(Reporting by Paul Hoskins, editing by Matthew Scuffham)