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 percent)
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 percent) 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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