VG Siddhartha, the founder of Coffee Day Ltd, is exploring options to monetise his stake in Bengaluru-based Mindtree, sources privy to the developments told CNBC-TV18.

Siddhartha's total shareholding in the mid-sized technology services firm comes to 20.45%, where he directly owns 3.34%, a 10.65% stake through Coffee Day Enterprises Ltd and 6.46% through Coffee Day Trading Ltd.

He is looking to sell anywhere between 5% and 10% stake in Mindtree, sources told CNBC-TV18.

The final decision will be taken by Siddhartha based on his financial plans.

Both Mindtree and Siddhartha did not offer any comment on CNBC-TV18's query.

Earlier, Siddhartha had stepped down as the independent director from the board of Mindtree.