Mumbai, March 17, 2021: Pritish Nandy Communications (PNC) on Monday made an announcement that chairperson of the Tata Trusts Ratan Tata had acquired a stake in the company last week.
The company, however, did not disclose the amount of stake acquired by the renowned industrialist.
Ratan Tata buys stakes in Pritish Nandy Communications
In a major development Ratan Tata, chairman Emeritus of Tata Sons and chairperson of Tata Trust, made his foray into media and entertainment when he invested into Pritish Nandy Communications and acquired a stake in the production company.
“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,” PNC said in an exchange filing. However, it didn’t disclose the stake bought by 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 PNC Ltd through market purchases last week. Mr Tata invests in start-ups and technology companies,” it said.
Ratan Tata’s foray into media through Pritish Nandy Communications
Media and entertainment company PNC was founded by poet and journalist Pritish Nandy in 1993.
Last week, the company said it has started filming Season 3 of the highly-successful Amazon Prime Series Four More Shots Please! The series won an Emmy nomination and was judged Asia’s Best Rising Star Award in the Busan International Film festival.
“The filming of the popular series, declared last year as Amazon’s most watched show out of India, got postponed because of restrictions induced by the pandemic and will now start under strict security protocols,” PNC said.
The journey of Pritish Nandy Communications
As per the financial data of the company on BSE’s website, Pritish Nandy Communications reported a negative financial performance in December 2020.
He founded the company in 1993 and its first chat show, The Pritish Nandy Show was a success. Pritish Nandy even served as a Shiv Sena Rajya Sabha MP. Its financial score has fallen from -10 to -2 in the last three months, the data showed.
Tata has invested in many startups and technology companies in the past, including Ola, Paytm, Snapdeal, CureFit, Urban Ladder, Lenskart, and Lybrate. Last year, he had picked up a stake in ‘Generic Aadhar’, a unique pharmacy retail chain promoted by an 18-year old boy, Arjun Deshpande, from Mumbai.
Shares of PNC were trading 9.81 per cent higher at Rs 23.50 on the BSE in the afternoon trade on Monday.