The company made this announcement after market hours on Wednesday, 26 March 2008.
Meanwhile, the BSE Sensex was down 153.15 points or 0.96% to 15,932.84 after a drop in US durable goods stroked concerns the US is already in a recession.
On BSE, 20783 shares were traded in the counter. The stock had an average daily volume of 1.99 lakh shares in the past one month.
The stock hit a high of Rs 399.85 and a low of Rs 378 so far during the day. The stock had hit a 52 week high of Rs 730 on 3 January 2008 and a 52 week low of Rs 323.75 on 21 November 2007.
The mid-cap scrip underperformed the market over the past one month till 26 March 2008, declining 16.19% compared to the Sensex’s fall of 9.66%. It also underperformed the market in the past one quarter, declining 29.74% compared to Sensex’s decline of 20.43%.
The company’s current equity is Rs 75.90 crore. Face value per share is Rs 10.
At the current market price of Rs 388.45, the PE multiple works out to 329.19, based on the Q3 December 2007 annualised EPS of Rs 1.18.
Religare has proposed to make a cash offer to acquire Hichens Harrison for 285 pence per share, which translates into a deal value of about $98.9 million or Rs 396 crore as per current exchange rates. However the company said that there is no certainty that an offer will be made or as to the terms on which such an offer may be made.
Hichens Harrison is the oldest stock broker in London with a history dating back to 1803, almost as old as the London Stock Exchange itself which was founded in 1801. Apart from corporate brokerage for small and medium-sized companies, the firm also provides stockbroking services to both institutional and private clients.
Religare Enterprises reported a net profit of Rs 2.24 crore on total income of Rs 5.20 crore in Q3 December 2007.
Religare Enterprises, a financial services provider, is a holding company of 11 subsidiaries, targeting retail, high net worth individuals, besides corporate and institutional clients.
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