SAO PAULO, July 6 (Reuters) - Brazilian investment firm Itausa SA said on Wednesday it has sold 7 million class A shares in XP Inc, raising about 665 million reais ($123.45 million) as it further reduced its stake in the brokerage.

The move came as Itausa had to raise money to buy a stake in transportation infrastructure company CCR SA along with conglomerate Votorantim SA.

Itausa, which controls Brazil's largest private lender Itau Unibanco Holding SA, said the deal is expected to have a positive impact of about 300 million reais in its third-quarter results.

According to a securities filing, Itausa now holds 10.31% of XP's share capital, which it sees as a non-core asset.

The holding company has been selling shares in XP for some time now, with chief executive Alfredo Setubal having said earlier this year Itausa would maintain its strategy of lowering its stake in the financial group to raise additional capital.

The latest move was first reported by financial blog Brazil Journal.

In March, Itausa had announced the sale of 12 million class A shares in XP for about 1.8 billion reais. ($1 = 5.3866 reais) (Reporting by Gabriel Araujo, Editing by Louise Heavens)