PRITISH NANDY COMMUNICATI Share price

The Company was incorporated by the name Pritish NandyCommunications Private Limited as a private limited company onSeptember 28 1993 under the Companies Act 1956. The Companywas subsequently converted into a public company with effectfrom March 6 2000 and consequently renamed Pritish NandyCommunications Limited. The Memorandum and Articles of theCompany have been amended on January 31 2000 to record changefrom private limited to public limited company. Thereafter onApril 4 2000 Articles were amended to incorporate enablingprovisioner for dematerialisation of the securities of theCompany.The Company was incorporated with its Registered Office at 302Embassy Centre Nariman Point Mumbai 400 021. The Companypurchased its own premises in June 1995 and thereafter inDecember 1995 the Registered Office was shifted to its currentlocation at 206. Centre Point Dr. Ambedkar Road Parel Mumbai400 012.The Company was started by Pritish Nandy author journalisteditor and TV host. The idea was mooted when Mr. Nandy wasinvited to present The Pritish Nandy Show on DoordarshanNational Network. The success of the show resulted in its beingretelecast on Doordarshan Metro Zee Jain Sun and Udaya TVchannels. Mr. Nandy began PNC in September 1993 and since thenthe Company has engaged itself in the production developmentpromotion exhibition dealing and marketing of various TVshows.In its incipient stage the Company mainly focussed on theproduction of news and current affairs programmes onDoordarshan. Gradually however the Company has expanded itsproduct offerings across several genres for all the majorsatellite channels in addition to Doordarshan. The Company hasproduced various popular shows that cut across channels genreslanguages. Among them are news and current affairs programmescomedy serials chat shows power interviews corporate andbusiness shows environmental and animal rights shows careershows lifestyle shows live election debates exit polls awardshows as well as the typical soap opera which is the staple ofmost channels. The Company has also extended itself into areaslike brand building and event management that have direct linkswith its core business of TV content software creation.Being a content software company with specialist skills indeveloping media and entertainment content it has also movedinto the internet business and sought synergies between that andits role as a content software provider.In 1997 Dr. Purnendu Chatterjee an associate of George Sorosinvested in the Company as a financial investor and entered intoa joint venture agreement with the Company and the promoters.The subscription to the shareholding came through InternationalCommunications Investments (Mauritius) Limited (hereinafterreferred to as ICIM) which acquired 40 per cent and ChatterjeeManagement Services Pvt. Limited (hereinafter referred to asCMSL) which acquired another 10 per cent. This 50 per cent ofthe Company's equity was acquired through further issue ofequity capital. This participation also resulted in theirnominees Sriram Chander and Arvind Rao joining the Board ofDirectors of PNC. The joint venture agreement has beenterminated by mutual consent on January 8 2000. The financialinvestors have recently converted their outstanding fullyconvertible debentures in the Company at a price of Rs. 200 pershare.In February 2000 the Company issued 250000 Equity Shares toits employees promoters and associates at Rs. 60 per share.