Religare Capital Markets, the broking arm of financial services company Religare Enterprises Ltd (REL), has acquired 97.76 per cent stake in UK broker Hichens Harrison & Co Plc, for around £56 million in cash.

REL, the holding company for financial services businesses of the group, had offered 285 pence per share cash and valued Hichens Harrison at around £55.5 million.

Religare had last month announced its decision to make an open offer to UK-based broking firm Hichens Harrison. (See: Ranbaxy's Religare becomes first Indian brokerage to acquire London firm)

Religare had made an open offer for 1,70,06,441 shares of Hichens, representing 97.76 per cent stake in the UK firm, the company said in a regulatory filing with the Bombay Stock Exchange.

Religare is planning to delist Hichens from the London Stock Exchange's Alternative Investment Market (AIM), the filing said, adding, Religare Capital Markets International, UK, an indirect wholly-owned subsidiary of Religare Capital Markets, intends to re-register the firm as a private company. 

The cancellation of the admission of Hichens shares to the AIM Market would significantly reduce the liquidity and marketability of the remaining shares in the company, it added.

Religare had, last week, received approval from the UK regulatory body Financial Services Authority (FSA) for completing the acquisition of Hichens Harrison & Co Plc.

Religare is one of the leading integrated financial services groups in the country, backed by a blue chip pharma company Ranbaxy Ltd.

Religare, which is present in three key verticals like retail, institutional and wealth spectrums, offers a bouquet of services ranging from equities, commodities , insurance broking to wealth management, portfolio management services, personal financial services, investment banking and institutional broking services .