DSP Merrill Lynch Limited (DSPML) – India’s leading investment banking and brokerage company is a culmination of a long standing relationship between DSP Financial Consultants Ltd., and Merrill Lynch & Co., the leading international capital raising, financial management and advisory company. Merrill Lynch currently has a 40% stake in DSPML and has also invested in a separate JV with DSP - DSP Merrill Lynch Asset Management Limited (DSPMLAM) which manages five funds and has shown a growth of more than 700 % in assets since inception in April, 1997.

DSP Merrill Lynch is an example of a successful joint venture that has translated into a significant advantage for Indian clients who benefit from the international expertise and technical skill of Merrill Lynch, as well as the solid experience and expert market advice of DSP, one of India’s oldest securities firms with over 140 years of experience of the Indian Markets.

Overview

DSPML is a full service investment bank and broking company with a leadership position in M&A, Capital Raising, Securities Research, Equity & Debt Broking, and Investment Advisory services. The firm has established itself as India’s leading advisory firm by a wide margin, having lead most of the landmark restructuring and M&A transactions in recent corporate history.

DSPML has consistently been among the largest investment banking and broking outfits in the Indian capital markets. In the last three years alone, DSPML \ Merrill Lynch have mobilized over Rs. 485 billion and US$ 2 billion from the domestic and international markets respectively for Indian issuers.

DSPML is one of the largest broking houses in the country. It was one of the first firms to set up a full-fledged research team in India, which has evolved into an outstanding and highly ranked team of research analysts covering every major segment of the economy and industry.

DSPML’s strategy has always been to help clients achieve their goals by assuring unsurpassed ethical standards, devising innovative solutions, and providing the highest standards of service.

Track record

Dominance in the M&A business

• Advisor for the largest restructuring transaction of the year: Grasim – Indian Rayon. Indian Rayon’s cement division was demerged and merged with Grasim, resulting in the formation of one of the largest cement companies in India.
• Advisor for the first electricity privatization transaction: Orissa Power Generating Company (OGPC) – AES Corporation. The sale of 49% equity stake in OPGC to AES has been one of the largest acquisition transactions in India till date. 
• Advisor for the largest acquisition in the industrial gases sector: Air Products - Industrial Oxygen. The largest transaction in this sector. 
• Advisor for the largest IT sector transaction: Digital - Compaq. Restructuring of Digital through sale of certain operations to Compaq.

DSPML: Leadership in domestic debt

DSPML has consistently ranked amongst the leading arrangers of domestic debt issues and is unmatched in reputation for innovation in structuring and deal execution. 

• Largest securitization transaction in the Indian capital markets: IIDL (subsidiary of Larsen & Toubro). The securitization was based upon an underlying lease transaction wherein IPCL would make lease rental payments in respect of a captive power plant, to be erected by L&T. The transaction enabled L&T to take non-core business assets off its balance sheets, IPCL to raise off- balance sheet financing for its power project, and investors to limit their exposure to IPCL credit risk. 
• First credit enhanced debt offering by an international bank: Whirlpool. The highest credit rating - AAA (fso) was obtained for Whirlpool, on the basis of stand by letter of Credit provided by Stanchart, New York. This was the first issue to be structured and approved under the new guidelines for external commercial borrowings, which allowed for such a structure. DSPML was the sole arrangers to the issue 
• First Book building with price discovery : IPCL 
• Longest maturity and year’s largest subordinated debt raising : Bank of Baroda

DSPML : Leadership in equity

DSPML is ranked among the top mobilizers of equity in the country. Some of the recent deals that highlight DSPML’s capabilities include : 

• Revival of IPO markets with the highly successful IPO of Sonata Software : The issue was oversubscribed by more that 4 times, one of the highest oversubscriptions in the last 3 years 
• First book building by a private sector company for SSI : DSPML, the sole lead managers, completed the issue in a tight time frame of three weeks. The offering was very well received by domestic and international institutional investors, generating a demand in excess of twice the issue size 
• Private equity raising for Airfreight : The transaction involved placing 9.91% of the equity of the company to a private equity investor with the balance being held by the Indian promoter family. This was the first Private Equity Transaction in India by Bankers Trust, USA in a difficult market environment. DSPML was the sole arranger to the transaction.

Independent recognition

DSP Merrill Lynch’s credentials are best borne by independent recognition of the firm’s capabilities by highly respected institutions. Finance Asia ranked DSPML as “The Best Domestic Securities House” in 1997. Euromoney voted DSPML “ Best Securities Firm in India” for three years consecutively in 1997, 1998 and 1999.

DSP MERRILL LYNCH LTD.
11th Floor, Tulsiani Chambers
212,Nariman Point
Mumbai – 400 021
Tel: (91 22) – 284 5275
Contact : Mr.Shitin Desai, Vice Chairman
e-mail: shitin_desai@in.ml.com
Website : www.dspml.com