British homeware retailer Dunelm's top shareholder, Will Adderley, and his private investment firm have sold a 4.9% stake in the company for 11.4 million pounds ($15.22 million) to institutional investors, bookrunner Barclays said on Tuesday.

Shares in the retailer were down as much as 7.4% in early trade as the stake sale in a placement priced at 1,140 pence represented a 7.7% discount to Dunelm's close on Monday.

Adderley and his family, along with his investment firm WA Capital, will now own about 37.6% of the retailer, remaining the top shareholder.

WA Capital is a holding company controlled by Adderley and his wife Nadine Adderley.

Will Adderley, currently Dunelm's deputy chairman, previously held the CEO role in 1996 and spearheaded the company's 2006 IPO on the London Stock Exchange.

Dunelm, a retailer of various items including bedding, sofas, chairs, and garden furniture, has been attempting to increase its market share in a difficult consumer environment by expanding its product range.

Its shares, which have gained more than 16% this year, were down 7% at 1,148 pence at 0740 GMT.

The sector continues to face uncertainty about the timing of recovery as budget-conscious customers remain cautious about making significant purchases. ($1 = 0.7492 pounds)

(Reporting by Radhika Anilkumar in Bengaluru; Editing by Abinaya Vijayaraghavan and Susan Fenton)