Dikshit Sells Remaining Stocks in PartyGaming

According to reports filed by Bloomberg News on Tuesday, PartyGaming co-founder Anurag Dikshit has sold his remaining shares in what was once the world's largest online poker company, PartyGaming.  Dikshit was one of a handful of online gambling billionaires and is one of the wealthiest men in India. 

Shares in PartyGaming fell as much as 7 percent in London trading.

Dikshit sold 38.8 million shares at a price of 270 pence per share through an accelerated bookbuild to institutional investors, according to a Business Wire statement today. The sale of the 9.5 percent holding raised about 105 million pounds.  He had previously sold two-thirds of his stake back in October.

"This is simply about moving on," his spokesman Shimon Cohen said. "It's been a process over four years since he first withdrew from the board. And that's now it."

In December 2008, Dikshit pleaded guilty to illegal Internet gambling in the U.S. and agreed to cooperate with the Justice Department in its probe of the company. He paid $300 million in fines and is scheduled to be sentenced in December.

"It's brought its fair share of issues," Cohen said. "We have the court hearing and sentencing still hanging over us. Anurag voluntarily went to America and pled guilty so that he could move on."

In recent weeks, PartyGaming has announced a number of new exclusive affiliations with big name poker players.

Jagajeet Chiba, Gambling911.com