Australia's Pinnacle Investment scales record high on stake buys in AMCs
** Shares of Pinnacle Investment Management PNI.AX rise as much as 4.3% to a record high of A$22.37
** Stock among top gainers in the benchmark index .AXJO; set for best session since late Oct - if current gains hold
** Investment manager says it has reached a deal to acquire stakes in two international asset management firms for a combined consideration of A$142.8 mln ($92.93 mln)
** Shares enter trading halt before announcement
** Co also announces A$400 mln equity raising at A$20.30 per share; says to use part of it to fund the acquisitions
** Morningstar raises its fair value estimate on stock to A$13.40 from A$12.30 on expected earnings upside from growing the new affiliates
** It, however, flags that shares remain overvalued
** Including day's moves, stock has more than doubled in value
($1 = 1.5366 Australian dollars)
Reporting by Archishma Iyer
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