Merrill Lynch has acquired DSP Merrill Lynch (DSPML) by buying around 50 per cent stake for $500 million, and in the process increased its share in the Indian joint venture to 90 per cent.
The US-based company will also start the process of delisting DSP Merrill Lynch from Bombay Stock Exchange by making an offer for the traded shares of the joint venture, according to a statement issued by Merrill Lynch on Thursday.
"The deal is expected to close in the first half of 2006 subject to various regulatory approvals," the statement said.
Merrill Lynch did not disclose whether the entire 50 per cent stake has been bought from