Hemendra Kothari to sell 10% stake in DSP Merrill Lynch

DSP Merrill Lynch Chairman Hemendra Kothari today said he was selling his 10 per cent stake in the company for an undisclosed amount.

"I was planning to sell the stake for sometime. Now I have decided to sell 10 per cent stake in the company," Kothari told PTI here.

Kothari, who is the outgoing chairman of DSP Merrill Lynch, had sold 48 per cent stake in the company to Merrill Lynch in 2006.

With Kothari selling his remaining stake in the company, DSP Merrill Lynch will now be fully owned by Merrill Lynch or effectively by Bank of America, which took over the company recently.

Kothari will be retiring from the company effective from March 31 and will be serving as the non-executive chairman of asset management firm, DSP Blackrock.

DSP Merrill Lynch has 450 staff in India and continuity is not a problem with the company, Kothari said.

The company has named Kevan Watts as its India-head while Vishwabir Ahuja will continue as the head of banking, Kothari said.