Birmingham owner Carson Yeung has reduced his stake in the midlands club by 1.6% and raised £3.63million from selling shares to private investors.
Yeung has reduced his holding in the Carling Cup holders from 24.9% to 23.3%.
The Hong Kong businessman has made the move after it was announced last month that Birmingham had debts of £27.27 million.
A statement on the Hong Kong Exchange said 6.43% of City's parent company, Birmingham International Holdings, has been sold to people unconnected with the club.
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