Hemendra Kothari sells remaining stake in DSP Merrill Lynch

MUMBAI: Leading investment banker Hemendra Kothari has decided to call it a day.

Kothari, chairman of DSP Merrill Lynch has sold his remaining 10 per cent stake to Merrill Lynch (or Bank of America which has taken over Merrill recently) for an undisclosed amount.

He will also retire as Chairman of the company from March 31 after a very long stint in the business.

When asked for financial details, Kothari said it is an unlisted company and the price need not be revealed. Rough market estimates suggest the stake sale could be worth Rs 400 to Rs 500 crore. But it could not be verified.

Kothari had sold 48 per cent of his stake in the company about three years back to Merrill Lynch for about USD 500 million which worked out to about Rs 2,200 crore.

Merrill had a small stake in the company when it formed the JV with Kothari's company then known as DSP Financial and has gradually increased it.

With today's announcement of Kothari selling his remaining 10 per cent stake in the company, DSP Merrill Lynch will now be fully owned by Merrill Lynch or effectively Bank of America.

Kevan Watts has been appointed as Country Head of India for the company while Vishwabir Ahuja will continue as head of banking.