Aug 14 (Reuters) - Gamco Asset Management, one of the largest shareholders of Dril-Quip , said on Wednesday it would vote against the proposed merger of the oilfield services firm with peer Innovex Downhole Solutions.

The affiliate of Gamco Investors, which owns about 8.3% of Dril-Quip's outstanding shares, said the company was worth more as a standalone entity.

The deal, announced in March, would see Dril-Quip stockholders own about 52% of the combined company and the rest going to Innovex stockholders.

Gamco said the company was planning to issue new shares near its all-time low valuations to fund the merger, but its intrinsic value was worth more than its current stock price.

Dril-Quip's shares have fallen about 37.7% since the closing on March 18, when the deal was announced.

Gamco also said the deal would increase the combined company's exposure to the U.S. land, where activity has declined over the past year as oil and gas companies reined in on spending.

Dril-Quip did not immediately respond to a Reuters request for comment.

The shareholder vote on the deal is scheduled to take place on Sept. 5.

(Reporting by Sourasis Bose in Bengaluru; Editing by Shilpi Majumdar)

((Sourasis.Bose@thomsonreuters.com))