Shares in gaming tech firm Playtech (PTEC) have declined 8% to 848p after major shareholder and founder Teddy Sagi sold 38.7 million shares for £330m, comprising approximately 12% of the company.

The shares were sold at 850p which is a 7.8% discount to last night's closing price of 922p.

Sagi is selling his stake in order to further diversify his investment portfolio, although he will remain Playtech’s biggest shareholder with a 21.6% holding.

As his investment vehicle Brickington has reduced its stake to below 30%, it will no longer have the right to appoint two non-executive directors under a relationship agreement.

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