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SENSEX
NIFTY 50
NIFTY MIDCAP 100
S&P BSE MIDCAP
Hang Seng
Taiwan Weighted
DAX
Nasdaq
MCX GOLD DEC 04
MCX SILVER DEC 04
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Closing Bell: Market settles over 1% higher, Nifty ends at 12,987; JSW Steel, Tata Steel top gainers

Global stocks bull run to race on, spurred by cheap cash, vaccine hopes

Gold rate today: Yellow metal trades above Rs 48,500 per 10 gms; Silver falls

Rupee slumps 35 paise to 74.76 against US dollar

Information Technology

Not in hurry to exit Mindtree, will assess opportunities: KK Natarajan

Updated : August 26, 2020 01:22 PM IST

As questions loom over the exit of the co-founders of IT company Mindtree, Krishnakumar Natarajan, who is one of them, has said that there is no time frame that they are looking at to make a full exit from the firm.

Some of the co-founders of Mindtree including Natarajan, who left the firm last year, have set a new path as venture capitalists. While they have made partial exits, Natarajan said that the co-founders are not in a hurry to make a complete exit and will evaluate opportunities before taking any decision.

"We are not in a hurry to (fully) exit. As long as there is good potential for value to increase, we will be there. If there are other attractive opportunities that come up in the market, we would look at them," he said.

"There is no time frame for us to exit completely. We will do an objective assessment based on opportunities and choose to exit at an appropriate time," he added.

The founders recently sought to be declassified as promoters and have brought down their collective stake in the company below 10 percent.

"As founders, we are no longer on the board of the company nor involved with the day to day activities, which is why we requested the company and the stock exchange to declassify us. For that we collectively needed to come down below 10 percent," KK Natarajan, now managing partner at Mela Ventures, said.

Natarajan and his Mindtree colleague NS Parthasarthy have announced the first close of their new early-stage venture capital firm Mela Ventures at Rs 130 crore with a target of reaching Rs 200 crore.

"Part of the proceed (from the partial exit) is being deployed in Mela Ventures," he said.

Six Mindtree founders have invested in the fund, including former Mindtree CEO Rostow Ravanan, who will also be on the investment committee, as well as Subroto Bagchi, Janakiraman Srinivasan and Kalyan Banerjee.

Some of the proceed will also be deployed for charitable purposes, Natarajan said.

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