Mindtree, Coffee Day's Siddhartha sign pact on voting rights

Mindtree today said it has entered into a pact with VG Siddhartha, the founder of Coffee Day Group, to vote "alongside and in tandem with Coffee Day Enterprises" with regard to his shareholding in the mid-sized IT company.

Earlier this month, Siddhartha had resigned as a director of Mindtree citing pre-occupation with immediate business priorities for the Coffee Day group.

"Mindtree 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," the IT firm said in a BSE filing today.

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 - 6.46 per cent.