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It wants to sell over 136 million shares between June 16 and July 14, according to a filing with the Ho Chi Minh Stock Exchange.
This will bring NovaGroup’s ownership in Novaland down from 27.67% to 20.68%.
It said it is selling the shares for "investment portfolio balance and debts and other obligation restructuring."
Bui Thanh Nhon is the chairman of both NovaGroup and Novaland, but it is not known how much stake he owns in NovaGroup since it is closely held.
Nhon, his family, NovaGroup and Diamond Properties (another company owned by Nhon) currently own over 50.5% of Novaland, but it is set to fall to 43.6% after the sale.
NovaGroup, founded by Nhon, will get over VND2 trillion ($85.08 million) from the deal based on NVL’s Wednesday closing price of VND15,200.
NVL is hovering at around year highs after gaining more than 50% since March.
Last month Diamond Properties and NovaGroup had sold 4.5 million and 14.4 million NVL shares.
But Bui Cao Ngoc Quynh, Nhon’s daughter, has registered to buy 3.45 million NVL shares this month.
