Pritish Nandy Comm Plans Pref Issue

Pritish Nandy Communications is considering a preferential issue and its board will meet on July 25 to consider the proposal.

The media company has an equity capital of Rs 10.46 crore with promoters holding 38 per cent and institutional investors around 14 per cent.

Audio sales of its soon-to-be released Hindi movies, Sur and Kaante, have crossed one million within a fortnight of their launch. Universal and T Series own the music rights of Sur, Kaante, respectively.

According to Pritish Nandy, chairman, "This has given PNC the image of a company which knows how to create, package and promote great music."

"With both the music companies celebrating their success, we are looking at renegotiating the music rights of our forthcoming movies upwards ," he said.

Album sales of the Sanjay Gupta-directed Kaante is expected to cross 3 million in its first month of release, according to industry experts. Sur, a budget movie directed by Tanuja Chandra, has also posted good sales.

Universal, which bought the music rights of Devdas for Rs 12 crore, had paid only Rs 75 lakh for Sur. Kaante was also sold for a similar amount, but in both cases the company is raking in additional profits from overflows with the committed sales being somewhere around 6 lakh copies, say industry sources.