Coffee Day Enterprises has said that its promoter VG Siddhartha will vote "alongside and in tandem" with the company with regard to their shareholding in mid-sized IT company, Mindtree.
Coffee Day Enterprises runs the popular coffee chain, Cafe Coffee Day.
Earlier this month, Siddhartha had resigned as a director of Mindtree citing pre-occupation with immediate business priorities for the Coffee Day group.
"The company has entered into an agreement for exercising of voting rights with VG Siddhartha on March 19, 2018, wherein VG Siddhartha has agreed that with respect to 54,69,750 (3.34 per cent) shares of Mindtree owned by him, he shall vote alongside and in tandem with Coffee Day Enterprises," Coffee Day Enterprises said in a regulatory filing.
The filing added that the title and ownership of the 54,69,750 shares of Mindtree will continue to belong exclusively to Siddhartha.
"It is clarified that no shares of Mindtree or voting rights with respect to 54,69,750 (3.34 per cent) of Mindtree have been transferred by VG Siddhartha," the filing said.
Siddhartha owns 3.34 per cent stake in Mindtree, while Coffee Day Enterprises holds 10.65 per cent, and Coffee Day Trading owns 6.46 per cent.
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