[Funding alert] Ratan Tata invests in Pritish Nandy Communications
Pritish Nandy Communications on Monday said veteran industrialist Ratan Tata has invested in the company.
Details about investment and stake were not disclosed.
"Ratan Tata, Chairman Emeritus of Tata Sons and Chairman of Tata Trust, has, in his personal capacity, acquired a stake in Pritish Nandy Communications Ltd through market purchases last week," Pritish Nandy Communications said in a regulatory filing.
Tata invests in startups and technology companies, the company added.
Pritish Nandy Communications (PNC) was founded in September 1993. It began as a TV content boutique and has made many news and entertainment shows over the years.
Shares of Pritish Nandy Communications were trading 9.81 percent higher at Rs 23.50 apiece on BSE.
In 2000, Morgan Stanley led its public offering, making it one of the first corporate houses in the media and entertainment sector. It is listed on India’s two best-known stock exchanges, the BSE and the NSE, where global funds like Soros, Oppenheimer, Alliance, and Lloyd George hold PNC stock.
The company has grown consistently over the 18 years of its existence. PNC is valued at Rs 2,653 million today, as per the company website.
Entrepreneur and social activist Ratan Tata has been conferred the Lifetime Achievement Award by the Wockhardt Foundation at the annual CSR Shining Star Awards in Mumbai on February 24. The annual awards by the Wockhardt Foundation recognise the CSR efforts of companies across categories such as health, education, women’s uplift, skill development, and animal welfare.
Ratan Tata has always been very vocal about the need for companies to look at more than profits and working for the greater good. Tata said: “Business need to go beyond the interest of their companies to the communities they serve.”
Philanthropy has been in focus at Tata Trusts under his leadership, and the Group has been working to alleviate child malnutrition, focusing on maternal health, and aiming to alleviate poverty, along with providing 60,000 meals a day across their programmes.
(Disclaimer: Additional background information has been added to this PTI copy for context)