Mail.ru shareholders to sell stock

Russian internet investment company Mail.ru said shareholders have launched a sale of a 6.65 per cent stake, five months after its London listing. Mail.ru's shares were down almost nine per cent yesterday, diving below the sale price which was set at $32.50 (£20). Shares in the Facebook investor were sold in the London listing in November at the top of a $23.7-$27.70 range. Among its investments the company owns a little over two per cent of Facebook, the social networking site which has been valued at as much as $65bn. The selling Mail.ru shareholders, including founders, members of management and fund Tiger Global, will place a total of up to 13.86m shares, representing approximately 0.46 per cent of voting rights, for $450m.