Hemendra Kothari: Sold 10% Of DSP Merrill To Bank Of America
March 18 2009 - 3:00AM
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 have sold the remaining 10% stake
I held in DSP Merrill Lynch to Bank of America," Hemendra Kothari
told Dow Jones Newswires.
"The decision was taken earlier but I was waiting for the merger
between Merrill Lynch and Bank of America to be smoothened out
before announcing the decision," he said.
He 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 and Gurdev Singh Virk, Dow Jones
Newswires; 91 22 2288 4212; Gurdev.Singh@dowjones.com
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