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....
