Ratan Tata acquires stake in Pritish Nandy-led firm

NEW DELHI: Pritish Nandy Communications (PNC) on Monday announced that Tata Group Chairman Emeritus Ratan Tata has acquired a stake in the company, “in his personal capacity”. The company, however, did not disclose the amount of stake acquired by the industrialist. After the announcement, the shares of PNC surged 9.81 per cent to close at Rs 23.50 on the BSE. 

“Ratan Tata, Chairman Emeritus of Tata Sons and Chairman of Tata Trusts, has, in his personal capacity, acquired a stake in Pritish Nandy Communications through market purchases last week,” said Pritish Nandy Communications (PNC) in a regulatory filing.

Founded in 1993, PNC began as a TV content boutique and has made many news and entertainment shows over the years. Last week, the company said it has started filming Season 3 Amazon Original show ‘Four More Shots Please! It won an Emmy nomination and was judged Asia’s Best Rising Star Award in the Busan International Film festival. In 2000, Morgan Stanley led its public offering, making it one of the first corporate houses in the media and entertainment sector. Currently, PNC is valued at Rs 265.3 crore.

Since his retirement from active role in India’s largest conglomerate, Ratan Tata is known to have invested in several start-ups including Ola, Paytm, Snapdeal, CureFit, Urban Ladder, Lenskart, Lybrate and Generic Aadhar in his personal capacity.