US-based Merrill Lynch, which has a strong presence in the institutional broking and merchant banking businesses in India, is set to pick up a controlling stake in India Infoline, a strong player in the retail financial services segment.
As part of the deal, Merrill Lynch, which currently holds about 14% in India Infoline through stocks and convertible shares, will pick up additional stake in the company though issuance of new shares, sources said.
Post the stake buy, the US major would make an open offer to India Infoline shareholders to meet regulatory requirements.
Although sources said India Infoline was close to giving up a substantial stake to Merrill Lynch, Nirmal Jain, CMD, India Infoline, denied any such move.
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