December 11, 2006 - Bangalore

MindTree Consulting Limited files DRHP with SEBI

MindTree Consulting Limited, an international IT and R&D services Company that delivers business and technology solutions through global software development, has filed its Draft Red Herring Prospectus (DRHP) with Securities & Exchange Board of India (SEBI) to enter the capital market with an initial public offering of Equity Shares.

The Company proposes to offer 5,593,300 Equity Shares of Rs. 10 each (“Issue”).  The issue comprises of a net issue of 4,940,740 Equity Shares of Rs. 10 each to the public (“Net Issue”) and up to 372,900 Equity Shares of Rs. 10 each will be reserved for subscription by eligible employees and up to 279,660 Equity Shares of Rs. 10 each will be reserved for subscription by Business Associates. The Issue is being made through the 100% book building method in accordance with the SEBI (Disclosure & Investor Protection) Guidelines, 2000. The Issue will constitute 15.00% of the post-Issue capital of the Company and the Net Issue will constitute 13.25% of the post-Issue capital of the Company.

Of the Net Issue, 60% is being reserved for allotment to Qualified Institutional Buyers, of which 5% will be reserved for allotment to mutual funds. A further up to 10% will be allotted to non-institutional investors and the balance up to 30% will be allotted to retail investors.

  Kotak Mahindra Capital Company Limited and JM Morgan Stanley Private Limited are the Book Running Lead Managers (“BRLMs”), J P Morgan India Private Limited is a Co – Book Running Lead Manager (“CBRLM”) and Macquarie India Advisory Services Private Limited is a Lead Manager (“LM’) to the Issue.

Disclaimer:
The Company is proposing, subject to market conditions and other considerations, a public issue of its Equity Shares and has filed a Draft Red Herring Prospectus with the SEBI. The Draft Red Herring Prospectus is available on the website of SEBI at www.sebi.gov.in and the respective websites of the BRLMs at www.kotak.com and www.jmmorganstanley.com, the CBRLM - www.jpmipl.com and LM - www.macquarie.com/in.

Investors should note that investment in Equity Shares involves a high degree of risk and for details relating to the same, see the section titled “Risk Factors” of the aforementioned offer document.

This press release is not an offer for sale within the United States of any Equity Shares or any other security of MindTree Consulting Limited. Securities of MindTree Consulting Limited, including any offering of Equity Shares, may not be offered or sold in the United States absent registration under U.S. securities laws or an exemption from the registration requirements under such laws. The proposed offering of MindTree Consulting Limited securities described in this press release has not been and will not be registered under U.S. Securities laws, and accordingly, any offer or sales of these securities may be made only in transaction exempt from registration.

For further details contact:

Mr. Manoj Chandran MindTree Consulting Limited        Tel: (080) 2671 1777, Ext 1653

Mr. Himanshu Kapadia Adfactors PR