UPDATE 2-Brightpoint's largest shareholder to sell 15 mln shrs

* NC Telecom Holding to offload half its stake

* Brightpoint sees Q2 adj EPS $0.07-$0.13 vs est. $0.07

* Sees Q2 revenue $722-$727 mln vs $780.5 mkt view

* Sees GAAP breakeven or $0.06/shr profit

* Shares fall as much as 11 pct (Adds analyst comments, share movement)

By Mansi Dutta

BANGALORE, July 13 (Reuters) - Brightpoint Inc (CELL.O), a distributor of wireless devices, said its largest shareholder will sell half of its stake, sending its shares down as much as 11 percent.

The company also forecast second-quarter adjusted profit that may meet or beat analysts' expectations.

NC Telecom Holding A/S, which held about 30 million shares, or 36.6 percent stake in the company, offered to sell 15 million shares in a public offering, with an over-allotment option of 2.25 million shares, according to a regulatory filing.

"Fifteen million shares coming to market from their larger shareholder creates a lot of supply for the shares, creating a downward pressure on the price. I think that's a bit of an overhang in the near term," analyst Matthew Thornton of Avian Securities said.

Brightpoint said for the quarter ended June 30, it expects adjusted income from continuing operations, excluding special items, of 7 cents to 13 cents per share.

On a GAAP basis, the distributor of mobile handsets and other devices expects a breakeven to a profit of 6 cents per share, compared with a loss of 3 cents a year ago.

Revenue is expected to drop about 40 percent to between $722 million and $727 million.

Analysts on average were expecting the company to earn 7 cents a share, excluding special items, on revenue of $780.5 million, according to Reuters Estimates.

Shares of the company were down 6 percent at $5.48 in midday trade Monday on Nasdaq. They touched a low of $5.22 in early trade.

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