February 02, 2007 - Bangalore

MindTree Consulting Limited IPO opens on February 9, 2007

Price Band fixed between Rs 365/- to Rs 425/- per Equity Share

MindTree Consulting Limited (“MindTree” or “the Company”), an international IT and R&D Services Company that delivers business and technology solutions through global software development, is proposing an Initial Public Offering (IPO) of its equity shares.  The IPO is scheduled to open on Friday, February 9, 2007 and close on Wednesday, February 14, 2007.

MindTree proposes to offer 5,593,300 Equity Shares of Rs. 10 each (“Issue”) at a price band of Rs. 365/- to Rs. 425/- per Equity Share through the 100% Book Building Process method in accordance with the SEBI (Disclosure & Investor Protection) Guidelines, 2000.  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 reserved for subscription by eligible employees and up to 279,660 Equity Shares of Rs. 10 each reserved for subscription by Business Associates. 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.

MindTree is organised into two divisions – Information Technology Services (“IT Services”) and Research and Development Services (“R&D Services”). IT Services comprise IT strategic consulting, application development and maintenance, package implementation and product engineering services. The IT Services business unit offers such services with a strong focus on certain industries including manufacturing, travel and transportation, banking, financial services and insurance. R&D Services are organised into two divisions – Engineering, which provides product realisation services including architecture and design, re-engineering and product assurance to technology and product firms; and Research, which conceives and develops intellectual properties, primarily in the short-range wireless communication segment and licences and customises such intellectual properties for clients.

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 Red Herring Prospectus will be 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  announcement is not an offer of securities for sale in the United  States, and the securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933 ("Act"). An offering of securities will only be made in the United States pursuant to Rule 144A under the Act by means of an offering memorandum that may be obtained from the issuer or the underwriters that will contain detailed information about the issuer, management, as well as financial statements.

For further details contact

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

Mr. Himanshu Kapadia Adfactors PR 022-22813565