Financial services firm Religare Enterprises said on Friday it has reached an agreement to acquire UK-based Hichens Harrison and has offered 285 pence a share, valuing the latter at about 55.5 million pound (nearly Rs 444.31 crore).
?The acquisition of Hichens provides Religare with the opportunity to create a global distribution and execution platform within emerging countries. This association will surely help the group to emerge as a global player in the financial services market,? Religare Enterprises Group COO Shachindra Nath said.
The boards of Religare Enterprises Ltd (REL), its subsidiary Religare Capital Markets Ltd (RCML), and Hichens Harrison have reached an agreement on the terms of a recommended cash offer for Hichens Harrison, Religare said in a filing with the Bombay Stock Exchange.
Following the approval of the Reserve Bank of India (RBI), the offer would be made by a newly incorporated wholly-owned subsidiary of RCML, the company added.
Meanwhile, Hichens? directors, holding around 13.2% of the existing share capital, have irrevocably undertaken to accept the offer and have recommended the same to other shareholders. Certain other shareholders representing 38.66% stake have also given irrevocable undertakings to accept the offer.
