UPDATE:DSP Merrill Chairman Sells All 10% Stake To Bank Of America
March 18 2009 - 6:57AM
Dow Jones News
DSP Merrill Lynch India Chairman Hemendra Kothari - who will
retire on March 31 - Wednesday said he has sold his 10% stake in
the company to Bank Of America.
"I have decided to retire with effect from March 31 to pursue
other philanthropic interests, so I have sold the remaining 10%
stake I held in DSP Merrill Lynch to Bank of America," Hemendra
Kothari told Dow Jones Newswires.
He will be replaced by Kevan Watts, who is currently president
of DSP Merrill Lynch India, which was formed by DSP Financial
Consultants Ltd. and Merrill Lynch and Co.
"Kevan has been appointed country head of India for the combined
entity (DSP Merrill Lynch) and Vishwavir Ahuja continues as head of
corporate banking at Bank of America," he said.
Kothari said the decision to retire was taken earlier, but he
waited for the merger between Merrill Lynch and Bank of America to
be smoothened out before making a public announcement.
Bank of America through Merrill Lynch (Mauritius) Investments
Ltd. and Merrill Lynch Holdings (Mauritius) will now hold a 99.93%
stake in DSP Merrill Lynch India.
As at March 31, 2008, the remaining 0.07% was held by private
corporate bodies and Indian public shareholders, according to
information on the company's Web site.
Kothari has been at the helm of DSP Merrill Lynch since the
organization was formed in the summer of 1984.
Merrill Lynch was acquired by Bank of America Corp (BAC) in a
$50 billion all-stock transaction last September.
Kothari said that his family will continue to hold its 60% stake
in DSP BlackRock Investment Managers, while BlackRock will hold the
remaining 40%.
He said he will move on to become non-executive chairman of DSP
Black Rock Investment Managers.
-By John Satish Kumar, Dow Jones Newswires; +91-22-22884212;
john.kumar@dowjones.com
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