Fairfax Media has sold another 15% of internet auction site Trade Me.
The media company, which has been battling tough trading conditions and today announced a major restructure, is reducing its stake in the internet auction site from 66% to 51%.
It is selling off $A160 million worth of shares to an investment bank and plans to use the money to boost its balance sheet and reduce debt.
Fairfax raised first sold off part of of Trade Me in December, when shares were priced at $2.70 at their listing on the stock exchange. They have since risen almost 32% in value.
The shares remain in a trading halt while a book build is conducted.
Fairfax says it remains very supportive of the Trade Me business and intends to keep its majority shareholding.
