DSP Merrill Lynch chairman Hemendra Kothari said on Wednesday he was selling his 10 per cent stake in the company for an undsiclosed amount.

"I was planning to sell the stake for sometime. Now I have decided to sell 10 per cent stake in the company," Kothari told PTI.

In 2006, Kothari had sold 48 per cent stake in the company to Merrill Lynch.

Kothari will be retiring from the company effective from March 31.