Merrill Lynch Holdings (Mauritius) to acquire DSP Merril Lynch
08 Dec 2005
Merrill Lynch Holdings (Mauritius), has entered into a share purchase agreement with Hemendra Kothari and his affiliates to acquire 10,738,800 equity shares (47.728 per cent of the total equity capital of DSP Merril Lynch) subject to regulatory approvals from Foreign Investment Promotion Board, Reserve Bank of India and the customary closing conditions. Merrill Lynch Holdings (Mauritius) currently owns 9,000,000 equity shares representing 40 per cent of the equity capital of DSP Merrill Lynch Ltd.
Merrill Lynch Holdings (Mauritius) also intends to seek the delisting DSP Merril Lynch's from the Bombay Stock Exchange Ltd in accordance with the provisions of the SEBI (Delisting of Securities) Guidelines, 2003. Accordingly, it has requested the board of directors of DSP Merril Lynch to convene an EGM of the shareholders of the company to pass a special resolution approving the delisting.
DSP merriol Lynch has also entered into an agreement with Hemendra Kothari for divestment of 60 per cent of its holding in DSP Merrill Lynch Fund Managers Ltd to Kothari and / or his related entities, subject to statutory approvals.