E-Paper
Ratan Tata acquires undisclosed stake in Pritish Nandy Communications, shares jump
The media company on Monday released a press statement about the stake in line with the Securities Exchange Board of India's (Sebi) listing obligations and disclosure requirements regulations.
Pritish Nandy Communications (PNC) on Monday announced Ratan Tata, the chairperson of Tata Trusts and the renowned name in the industry, acquired a stake in the company last week. The company, however, did not disclose the amount of stake acquired by the industrialist.
The media company on Monday released a press statement about the stake in line with the Securities Exchange Board of India's (Sebi) listing obligations and disclosure requirements regulations. "Mr Ratan Tata, Chairman Emeritus of Tata Sons and Chairman of Tata Trusts, has, in his personal capacity, acquired a stake in Pritish Nandy Communications Ltd through market purchases last week. Mr Tata invests in start-ups and technology companies,” it said.
PNC was recently in the news as its show 'Four More Shots Please!' on the OTT platform of Amazon Prime Video garnered international acclaim. It won an Emmy nomination and was judged Asia’s Best Rising Star Award in the Busan International Film festival.
Also Read | India’s arms imports down by 33%, says Sipri report
The company that went public in 2000 has been founded by columnist and journalist Pritish Nandy. As per the financial data of the company on BSE’s website, the media company reported a negative financial performance in December 2020. Its financial score has fallen from -10 to -2 in the last three months, the data showed.
Ratan Tata has invested in various startups and tech companies including Ola, Paytm, Curefit, Urban Ladder, Lenskart and many more. Last year, he made an undisclosed investment at his personal capacity in a pharmacy retail chain promoted by an 18-year-old boy.
PNC on Monday was trading 9.81 per cent higher at ₹23.50 on the BSE. The company claims to have twice featured in Deloitte Touche’s Fast500, ranking among the 500 fastest growing companies in the technology, media and telecom sector in the Asia Pacific. It is the only media company from India on the list, the company said.
