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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