Batista sold 49.8 million shares, representing 1.54% of the company's total stock on Wednesday, OGX said in a Brazilian regulatory filing.
Batista, who controls the company, has cut his holdings by 5.67 percentage points since March, the company said, and may sell additional shares without giving up his controlling position.
"These sales are part of a continuous process of improving its capital structure," the company said, "and aim to meet financial obligations to creditors of holding company EBX."
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