MUMBAI: Investment firm Ruane, Cunniff & Goldfarb Inc has bought 20,000 shares, amounting to a 0.14 per cent stake in ETC Network Ltd, through a secondary market purchase, according to a BSE announcement.
With this acquisition, Ruane, Cunniff & Goldfarb's stake in ETC has gone up to 5.13 per cent (740,273 shares) from its earlier 4.99 per cent (720,273 shares).
Ruane, Cunniff & Goldfarb is best known as the investment advisor and distributor of Sequoia Fund.
ETC Networks Ltd. owns two channels - ETC Hindi and ETC Channel Punjabi. Zee Telefilms holds 54.42% shares in ETC Networks Ltd.
The channel was launched in August 1999 as a 24-hour Indian Music Channel with the punch line "Aakhir Dil Hai Hindustani". ETC was listed on the Bombay Stock Exchange in May 2000.
