* To sell 13.86 million shares on the market
* Price set at $32.50 per GDR vs $34.84 Tuesday's close
* Sale to bring selling shareholders $450 million
* Naspers, Tencent, Russian tycoon Usmanov not selling
* Shares down 8.4 percent
(Adds sale price, traders' comments, source on shareholders)
MOSCOW, April 27 (Reuters) - Russian internet investment company Mail.ru said shareholders had launched a sale of a 6.65 percent stake, five months after its London listing.
Mail.ru's shares were down 8.44 percent by 1348 GMT on Wednesday, diving below the sale price which was set at $32.50.
Shares in the Facebook investor were sold in the London listing in November at the top of a $23.7-$27.70 range.
"The company's autumn listing price was too high, the stock has not yet firmed its position in the market. Plus, its 2010 financial results were below shareholders' expectations, and now the company wants to sell a stake, which adds downward pressure to the share price," said Vladimir Bragin, a trader at Alfa Bank.
Amongst its investments the company owns a little over 2 percent of Facebook, the social networking site which has been valued at as much as $65 billion.
The selling Mail.ru shareholders, including founders, members of management and fund Tiger Global, will place a total of up to 13.86 million shares and representing approximately 0.46 percent of voting rights for $450 million.
The company said none of the entities representing the interests of Russian billionaire Alisher Usmanov, South African group Naspers or Chinese company Tencent was among the selling shareholders.
A source close to Mail.ru said the bulk of the offering came from Tiger Global and company founders, adding Chief Executive and co-founder Dmitry Grishin was not selling his shares.
Other Mail.ru founders include its chairman Yuri Milner, whose DST has been actively investing in internet interests across the world, as well as Gregory Finger and Mikhail Vinchel.
The sale came ahead of the May 9 expiration of a lock-up period following its $1 billion initial public offering, Mail.ru said, adding the selling shareholders have entered into a new lock-up agreement for 90 days from the sale completion.
JP Morgan and VTB Capital were acting as joint bookrunners for the placement. (Reporting by Maria Kiselyova, Olga Popova and Nastassia Astrasheuskaya; Editing by Greg Mahlich)