Pritish Nandy Communications (PNC) has caught the eye of three foreign funds.
Boston-based Oppenheimer Fund has increased its stake in the company by two per cent from 5 per cent to 7 per cent, while the Singapore-based Alliance Capital and the Hong Kong-based Lloyd George have picked up 4 per cent each in PNC, according to data from the depositories.
The three foreign funds collectively now hold about 15 per cent in the company.
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Meanwhile, over 10 per cent of PNC stake has changed hands in the last ten days. Investment banking sources said that these deals were done through the secondary market.
A senior PNC official refused to comment on the development.
Investment banking sources said the company