Playtech founder sells £329m of shares in discounted placing

Playtech founder Teddy Saggi has pocketed almost £329m after he sold 12% of the company's shares at a discounted price, upping the size of the placing after receiving strong level of interest from institutions.

Saggi's Brickington vehicle, which had been planning to sell 32.3m, in the end offloaded 38.7m shares at a price of 850p per share, an 8% discount to Tuesday’s closing price.

Following the transaction Saggi still retains a beneficial interest in 69.6m shares, representing 21.6% of the voting rights of the company, and has agreed not to dispose of any further shares for at least 180 days.

The FTSE 250 company pointed out that was not a party to the placing and will not receive any of the proceeds.

UBS, Canaccord Genuity, Credit Suisse and Shore Capital carried out the placing.