Amaya founder and former chief executive David Baazov has further reduced his stake in the business after selling 12m shares for CAD$267.7m.

The shares were equivalent to an 8.2 per cent stake in Amaya, and were sold by Baazov at an average price of $22.31 per share, for an aggregate total of $267.7m.

It adds to the $133m he received earlier this month following the sale of 7m Amaya shares, which came just days after measures were put in place to discourage him from acquiring control of his former company.

Following the latest sale of his shares, Baazov retains 5.6m shares in Amaya, equivalent to a 3.8 per cent stake in the business, compared to an 18.6 per cent stake a year ago.

Amaya said that Baazov’s disposal was for investment purposes, and that he continues to own shares which he may, from time to time, dispose of.

Shares in Amaya Inc (Co. Data) (TSX:AYA) closed up 2.46 per cent at CAD$22.89 per share in Toronto Thursday. In the past year, the shares are up 32.31 per cent.