Today Merrill Lynch announced that it will increase its 40% ownership interest in DSP Merrill Lynch by up to an additional 50%, to 90%, for approximately $500 million. The increased ownership by Merrill Lynch will enable the firm to continue to build its important presence as one of the leading securities firms in India.
As part of the transaction, DSPML Fund Managers, a wholly-owned asset management subsidiary of DSPML, will continue to be operated as a joint venture jointly owned by DSPML which will own 40 percent, and Hemendra Kothari and related entities, who will own 60 percent.
Merrill Lynch will make an offer for the publicly traded shares of DSPML and will make an application for delisting from the Bombay Stock Exchange.
INFO SOURCES
Merrill Lynch
FIRMS
DSP Merrill Lynch Limited (DSPML) is one of India's leading investment banking and wealth management companies. DSP and Merrill Lynch have had a joint venture relationship since 1995 from a long-standing relationship between DSP Financial Consultants Limited, and Merrill Lynch. DSPML was ranked in 2005 by Financeasia magazine as India's "Best Investment Bank" and "Best Equity House." Euromoney named DSPML India's "Best M&A House" and "Best Private Bank," while Asiamoney voted the firm India's number one house in "Overall Country Research", "Execution", "Sales Service" and "SalesTrading."
MANAGEMENT / BOARD
Hemendra Kothari will continue as Chairman of DSP Merrill Lynch, and will take on added responsibility as a Vice Chairman of Merrill Lynch International supporting Merrill Lynch's growth plans internationally and assisting Indian companies in their global endeavors. He will also become a member of the Merrill Lynch Asia Pacific Executive Management Committee. Merrill Lynch's relationship with DSP began in the 1980's and grew into a joint venture in 1995.
INTEGRATION
The business will continue to operate under the DSP Merrill Lynch name.
Supporting Material
