praveen
18-05-2008, 09:45 AM
Three Indian brokerage houses — Indiabulls Securities, Kotak Securities and Enam Securities — are said to be in race for acquiring Birmingham-based stockbroker Arden Partners. Arden Partners is a mid-sized firm valued at £31.12 million (approximately Rs 260 crore) and is listed on London Stock Exchange’s sub-market, Alternative Investment Markets (AIM).
This comes close on the heels of Ranbaxy promoter group company Religare taking over one of the oldest brokerage houses in the UK — Hichens, Harrison & Co — for Rs 440 crore. The Indian companies are also said to be front runners for picking up Arden Partners. Arden is a research-led institutional stockbroker specialising in small and mid-cap businesses and has offices in London and Bristol, apart from Birmingham.
The latest development comes after Arden’s talks for a sale to London-based rival firm, Cenkos Securities, failed. Arden, in its notice to LSE yesterday, had written that “it has had preliminary approaches from other parties which may or may not lead to an offer being made for the company.”
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This comes close on the heels of Ranbaxy promoter group company Religare taking over one of the oldest brokerage houses in the UK — Hichens, Harrison & Co — for Rs 440 crore. The Indian companies are also said to be front runners for picking up Arden Partners. Arden is a research-led institutional stockbroker specialising in small and mid-cap businesses and has offices in London and Bristol, apart from Birmingham.
The latest development comes after Arden’s talks for a sale to London-based rival firm, Cenkos Securities, failed. Arden, in its notice to LSE yesterday, had written that “it has had preliminary approaches from other parties which may or may not lead to an offer being made for the company.”
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