Ajay Kalsi, chief executive of Indus Gas, has sold £60.486m worth of shares in the India-focused oil and gas company.
Kalsi has sold 17.79m shares at a price of £3.40 per share through Arden Partners, NOMAD and broker to the company.
The shares have been placed with a range of existing and new institutional shareholders with good demand in the market, Indus said.
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Mr and Mrs Kalsi, through Gynia Holdings Limited, still own about 79.7% of the issued share capital of the company.
Last month, Indus said it remains in a strong financial position, is on schedule to move into substantial production and revenues in April 2010 and has a strong forward operational programme in place.
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