Shares of Pritish Nandy Communications rallied 9.81 per cent to hit upper circuit of Rs 23.50 on the BSE on Monday after Ratan Tata, Chairman Emeritus of Tata Sons and Chairman of Tata Trusts, acquired a stake in the company through market purchases last week. The company, engaged in development of media and entertainment content, however, did not disclose the details of the transaction.
Early today, Pritish Nandy Communications shares opened higher at Rs 21.75 against previous closing price of Rs 21.40. Following the announcement, the stock of the company gained as much as 9.81 per cent to hit intraday high of Rs 23.50. The market cap of the stock surged to Rs 34 crore.
"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," the company said in a regulatory filing.
Ratan Tata has invested in several start-ups and technology companies over the years. He has funded around 25 startups, which includes Tork Motors, Snapdeal, Cure.fit, Paytm, Ola, among others.
Founded by Pritish Nandy, Pritish Nandy Communications was one of the first media and entertainment companies to go public in 2000, when it listed on BSE and NSE. Well known global funds like Soros, Oppenheimer, Alliance and Lloyd George hold PNC stock.
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