Merrill Lynch ups the ante

India's M&A 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.