Merrill Lynch ups the ante

Buy-out of Indian JV underlines the country''s growing importance for investment banks.

India's MA league tables witnessed a momentous day yesterday December 8 after rainmaker Hemendra Kothari, sold a controlling interest in DSP Merrill Lynch to his joint venture partner. As a result of the $500 million deal, Merrill Lynch will increase its shareholding in the bank's Indian subsidiary from 40% to 87.73%. This may further rise to 90% pending the completion of a mandatory offer to public shareholders.

The US investment bank has now indicated it will file an application to delist the company from the Bombay Stock Exchange. DSPML's share price went up 8% yesterday and has risen 32% this week as rumours of an impending announcement grew stronger....

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222