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UPDATE 1-Polymetal shares fall after Czech investor cuts stake

(Adds details, Polymetal share fall)

MOSCOW, July 10 (Reuters) - PPF Group, owned by the Czech Republic's richest businessman Petr Kellner, has sold a 4.5% stake in Russian gold and silver producer Polymetal for about $254 million, a bookrunner for the deal said on Wednesday.

Shares in London-listed Polymetal, part-owned by Russian businessman Alexander Nesis, were down 5.6% in early trade after the sale via a so-called accelerated bookbuilding process.

PPF Group, which now owns 6.5% of Polymetal, sold about 21 million shares in the Russian company at a price net of fees of £9.66 ($12) per share. That is a 4.5% discount to the price at Tuesday's market close.

Aton analyst Andrey Lobazov had said on Tuesday a sale was possible, as Polymetal shares had approached levels at which shareholders sold a stake in the company a couple of years ago.

Polymetal shares are up 16% so far in 2019.

The settlement of PPF's placing is expected on July 12. The remaining stake in Polymetal held by PPF is subject to a 60-day lock-up period.

($1 = 0.8030 pounds) (Reporting by Polina Devitt and Arno Schuetze; Editing by Deepa Babington and Mark Potter)

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