indias-religare-to-acquire-uk-stockbroker

India's Religare to acquire UK stockbroker

Religare Enterprises, an Indian finance company started by the owners of Ranbaxy, has offered to pay $99 million for London's oldest stockbroking firm Hichens Harrison.
India-based Religare Enterprises has made an offer to acquire UK stockbroking firm Hichens, Harrison Co for $99 million.

Religare has confirmed to the stock exchange that it is in discussions with Hichens Harrison but has not disclosed the price at which an offer will be made. However, in a filing with the Alternative Investment Market in London where Hichens is listed, the firm confirmed that discussions with Religare are at a proposed offer price of ú2.85 $5.70 per share. Hichens has 17,383,273 issued shares so the offer price translates to an equity value of ú49.5 million $99 million.

Hichens Harrison is the oldest firm of stockbrokers in the City, in business since the early...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222