February 9, 2007 - February 14, 2007

MindTree IPO Basis of Allotment

Mind Tree Consulting Limited

(The Company was incorporated as MindTree Consulting Private limited on August 5, 1999. The status of the Company was subsequently changed to a public limited company by a special resolution of the members passed at the annual general meeting held on September 27,2006. The fresh certificate of incorporation consequent on change of name was granted to the Company on November 6,2006 by the Registrar of Companies, Karnataka.)
Regd. Off: MindTree House, No. 3, Block A, No. 42, 27th Cross, Banashankari 2nd Stage, Bangalore 560 070, India. Company Secretary and Compliance Officer: Rostow Ravanan, Tel: (91 80) 2671 1777/ 2671 2777,
Fax: (91 80) 2671 4000, Email: investors@mindtree.com, Website: www.mindtree.com

BASIS OF ALLOCATION

PUBLIC ISSUE OF 5,593,300 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS 425 PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF RS. 415 PER EQUITY SHARE (THE 'ISSUE') BY MINDTREE CONSULTING LIMITED (THE 'COMPANY OR 'THE ISSUER'), AGGREGATING RS. 2377.15 MILLION. THE ISSUE COMPRISES A NET ISSUE OF 4,940,740 EQUITY SHARES OF RS. 10 EACH (THE 'NET ISSUE'), A RESERVATION OF UP TO 372,900 EQUITY SHARES OF RS. 10 EACH FOR OUR ELIGIBLE EMPLOYEES (THE 'EMPLOYEE RESERVATION PORTION') AND A RESERVATION OF UP TO 279,660 EQUITY SHARES OF RS. 10 EACH FOR OUR BUSINESS ASSOCIATES (THE 'BUSINESS ASSOCIATE RESERVATION PORTION'). THE ISSUE LESS THE EMPLOYEE RESERVATION PORTION AND THE BUSINESS ASSOCIATE RESERVATION PORTION IS REFERRED TO AS THE 'NET ISSUE'. THE ISSUE WOULD CONSTITUTE 15% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY. THE NET ISSUE WILL CONSTITUTE 13.25% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY.

THE FACE VALUE OF EQUITY SHARE IS RS. 10/- EACH. THE ISSUE PRICE OF RS 425 EACH IS 42.5 TIMES OF THE FACE VALUE

The Book Running Lead Managers are Kotak Mahindra Capital Company Limited and JM Morgan Stanley Private Limited The Co-Book Running Lead Manager is JP. Morgan India Private Limited and the Lead Manager is Macquarie India Advisory Services Private Limited.

The Equity Shares of the Company are proposed to be listed on the National Stock Exchange of India Limited ('NSE') and The Bombay Stock Exchange Limited ('BSE') and trading is expected to start on or around March 7, 2007

In terms of Rule 19(2)(b) of the Securities Contract Regulation Rules, 1957 ('SCRR'), this being an Issue for less than 25% of the post-Issue capital, the Issue was made through the 100% Book Building Process wherein 60% of the Net Issue was allocated on a proportionate basis to Qualified Institutional Buyers ('QTBs'), out of which 5% was made available for allocation on a proportionate basis to Mutual Funds only. The remainder was made available for allocation on a proportionate basis to all QIBs including Mutual Funds, subject to valid bids being received from them at or above the Issue Price. Further, up to 10% of the Net Issue was made available for allocation on a proportionate basis to Non-Institutional Bidders and up to 30% of the Net Issue was made available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the Issue Price. Further, up to 372,900 Equity Shares were made available for allocation on a proportionate basis to the Eligible Employees and up to 279,660 Equity Shares were made available for allocation on a proportionate basis to the Business Associates, subject to valid Bids being received at or above the Issue Price.

The issue received 363,955 applications for 574,735,818 Equity Shares resulting in 102.75 times subscription. The details of the applications received in the Issue from QIBs, Non Institutional Bidders, Retail Individual Bidders, Eligible Employees and Business Associate (Before technical rejections) arc as under:

Category	No.of Applications	No. of Shares	Subscription (No. of times)
Retail Individual Bidders	359,389	43,815,799	29.5609
Non Institutional Bidders	1849	63,000,895	127.5128
QlBs	410	465,526,109	157.3651
Business Associates	3	49,530	0.1771
Employee Bidders	2304	2,343,485	3,8759

Final Demand
A summary of the final demand at various price levels as per the electronic book is given below:

Bid Price	No.of Applications	No. of Shares	% to Total	Cumulative no. of Shares	Cumulative % to total
365	1,395	566,895	0.0976	580,929,390	100.0000
366	28	1,395	0.0002	580,362,495	99.9024
367	23	3,645	0.0006	580,361,100	99.9022
368	8	630	0.0001	580,357,455	99.9015
369	10	1,170	0.0002	580,356,825	99.9014
370	261	303,885	0.0523	580,355,655	, 99.9012
371	14	1,770	0.0003	580,051,770	99.8489
372	5	960	0.0002	580,050,000	99.8486
373	1	15	0.0000	580,049,040	99.8485
374	14	3,180	0.0005	580,049,025	99.8485
375	624	170,895	0.0294	580,045,845	99.8479
376	15	3,510	0.0006	579,874,950	99.8185
377	11	1,740	0.0003	579,871,440	99.8179
378	6	630	0.0001	579,869,700	99.8176
379	2	45	0.0000	579,869,070	99.8175
380	211	52,980	0.0091	579,869,025	99.8175
381	8	600	0.0001	579,816,045	99.8084
382	3	360	0.0001	579,815,445	99.8082
383	3	735	0.0001	579,815,085	99.8082
384	1	30	0.0000	579,814,350	99.8081
385	94	7,770	0.0013	579,814,320	99.8081
386	5	885	0.0002	579,806,550	99.8067
387	3	150	0.0000	579,805,665	99.8066
388	4	1,725	0.0003	579,805.515	99.8065
390	254	46,560	0.0080	579,803,790	99.8062
391	6	1,380	0.0002	579,757,230	99.7982
392	169	42,300	0.0073	579,755,850	99.7980
393	3	420	0.0001	579,713,550	99.7907
394	2	180	0.0000	579,713,130	99.7906
395	229	74,940	0.0129	579,712,950	99.7906
396	9	1,470	0.0003	579,638,010	99.7777
397	5	750	0.0001	579,636,540	99.7775
398	407	97,125	0.0167	579,635,790	99.7773
399	12	1,365	0.0002	579,538,665	99.7606
400	1,215	811,785	0.1397	579,537,300	99.7604
401	15	1,065	0.0002	578,725,515	99.6206
402	8	405	0.0001	578,724,450	99.6204
403	1	15	0.0000	578.724.045	99.6204
404	4	525	0.0001	578,724.030	99.6204
405	78	33,435	0.0058	578,723,505	99.6203
406	8	825	0.0001	578,690,070	99.6145
407	3	165	0.0000	578,689,245	99.6144
408	3	675	0.0001	578,689,080	99.6144
409	2	30	0.0000	578,688,405	99.6142
410	179	66,270	0.0114	578,688,375	99.6142
411	6	390	0.0001	578,622,105	99.6028
412	8	2,040	0.0004	578,621,715	99.6028
413	1	60	0.0000	578,619,675	99.6024
414	4	960	0.0002	578,619,615	99.6024
415	223	176,850	0.0304	578,618,655	99.6022
416	200	42,150	0.0073	578,441,805	99.5718
417	3	285	0.0000	578,399,655	99.5645
418	4	1,440	0.0002	578399,370	99.5645
419	4	1,215	0.0002	578,397,930	99.5642
420	154	136,320	0.0235	578,396,715	99.5640
421	13	735	0.0001	578,260.395	99.5406
422	9	1,125	0.0002	578,259,660	99.5404
423	25	2,595	0.0004	578,258.535	99.5402
424	31	3,870	0.0007	578,255.940	99.5398
425	27,369	534,825,000	92.0637	578,252,070	99.5391
CUT OFF	346,814	43,427,070	7.4754	43,427,070	7.4754
TOTAL	380,229	580,929,390	100.0000

The Basis of Allocation was finalized in consultation with NSE on February 27, 2007. The Board of Directors of the Company at their meeting held on February 28, 2007 approved the Basis of Allocation of Equity Shares in the Issue and has allotted equity Shares to various successful applicants.

A) Allocation to Non Institutional Bidders:

This category (net of technical rejections) was subscribed 126.93389 times. The total number of shares allotted in this category is 494,075 Equity Shares. The category wise details of the Basis of Allocation in this category are as under (Sample):

Category	No. of applications	% to total	No. of Equity Shares applied	% to total	No. of Equity Shares allocated	Ratio	Total no. of Equity Shares Shares allocated
240	213	12.972	51,120	0.082	15	13:62	675
255	30	1.827	7,650	0.012	15	2:15	60
270	31	1.888	8,370	0.013	15	4:31	60
285	13	0.792	3,705	0.006	15	1:13	15
300	139	8.465	41,700	0.066	15	8:53	315
315	7	0.426	2,205	0.004	15	1:07	15
330	9	0.548	2,970	0.005	15	1:09	15
345	14	0.853	4,830	0.008	15	1:07	30
1,882.350	3	0.183	5,647,050	9.004	14,829	1:01	44,487
2,352,930	2	0.122	4,705,860	7.504	18,537	1:1	37,074
3,529,410	1	0.061	3,529,410	5.628	27,805	1::1	27,805
4,500,000	1	0.061	4,500,000	7.175	35,452	1:1	35,452
4,705,800	1	0.061	4,705,800	7.503	37,072	1:1	37,072
4,705,875	2	0.122	9,411,750	15.007	37,071	1:1	74,142

B) Allocation to Retail Individual Bidders:

This category (net of technical rejections) was subscribed 28.55172 times. The total number of shares allotted in this category is 1,482,220 Equity Shares. The category wise details of the Basis of Allocation in this category are as under:

Category	No. of applications	% to total	No. of Equity Shares applied	% to total	No. of Equity Shares allocated	Ratio	Total no. of Equity Shares Shares allocated
15	38,732	11.198	580,980	1.373	15	3:86	20,340
30	33,432	6.665	1,002,960	2.370	15	3:43	35,245
45	21,910	6.334	985,950	2.330	15	9:86	34,530
60	22,271	6.439	1,336,260	3.158	15	7:50	46,800
75	10,775	3.115	808,125	1.910	15	7:40	28,290
90	13,447	3.888	1,210,230	2.860	15	17:81	42,375
105	64,698	18.705	6,793,290	16.052	15	12:49	237,915
120	9,731	2.813	1,167,720	2.759	15	7:25	40,890
135	2,448	0.708	330,480	0.781	15	17:54	11.565
150	6,120	1.769	918,000	2.169	15	7:20	32,145
165	1,690	0.489	278.850	0.659	15	5:13	9,765
180	2,771	0.801	498,780	1.179	15	21:50	17,460
195	1,904	0.550	371,280	0.877	15	5:11	12,990
210	3,628	1.049	761,880	1.800	15	24:49	26,670
225	112,334	32.477	25,275,150	59.724	15	52:99	885,240

C) Allocation to Eligible Employees

This category (net of technical rejections) was subscribed 3.87590 times. The total number of shares allotted in this category is 603,030 Equity Shares. The category wise details of the Basis of Allocation in this category are as under (Sample):

Category	No. of applications	% to total	No. of Eqity Shares applied	% to total	No. of Equity Shares allocated	Ratio	Total no. of Equity Shares Shares allocated
15	9	0.392	135	0.006	15	4:9	60
30	12	0.522	360	0.015	15	2:3	120
45	22	0.957	990	0.042	15	17:22	255
60	25	1.088	1,500	0.064	15	1:1	375
75	27	1.175	2,025	0.087	19	1:1	513
18,345	1	0.044	18,345	0.785	4,733	1:1	4,733
19,500	1	0.044	19,500	0.834	5,031	1:1	5.031
19,995	2	0.087	39,990	1.711	5,159	1:1	10,318
26,115	1	0.044	26,115	1.117	6,738	1:1	6,738
166,140	1	0.044	166,140	7.108	42,865	1:1	42,865

D) Allocation to Business Associates

This category (net of technical rejections) was subscribed by 0.1771 times. The total number of shares allotted in this category is 49,530 Equity Shares. The category wise details of the Basis of Allocation in this category are as under:

Category	No. of applications	% to total	No. of Equity Shares applied	% to total	No. of Equity Shares allocated	Ratio	Total no. of Equity Shares Shares allocated
4,005	1	33.333	4,005	8.086	4,005	1:1	4,005
15,525	1	33.333	15,525	31.345	15,525	1:1	15.525
30,000	1	33.333	30,000	60.569	30,000	1:1	30,000

E) Allocation to Qualified Institutional Buyers:

Allocation to QTBs have been done on a proportionate basis in consultation with NSE. As per SEBI Guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available (148,222) and other QTfis and unsatisfied demands of Mutual Funds were allotted the remaining available shares (2,816,223) on proportionate basis.

Category	Financial Institutional/ Banks	Mutual Fnnds	Foreign Institutional Investors	Insurance Companies	VCs
No. of Equity Shares	414,382	498,991	1,775,797	271,710	3,565

The Refund Orders due to applicants has been dispatched to the address of the investors as registered with the depositories on March 1,2007. In case the same is not received within ten days, investors may contact at the address given below. The Refund Orders have been over printed with the bank mandate details as registered, if any, with the depositories. The Equity Shares allotted to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with die depositories concerned on March 1, 2007. The listing applications has been filed with the BSE and NSE on March 1, 2007 and the Company is taking steps to get the Equity Shares admitted for trading on the BSE and NSE within seven working days from the date of approval of the Basis of Allocation.

Investors Please Note:

The details of allocation made have been hosted on the website of the Registrar to the Issue, Mondkar Computers Private Limited: www.mondkarcomputers.com.

Further correspondence in respect of allotment of Equity Shares pertaining to the Issue may be addressed to the Registrar to the Issue, Mondkar Computers Private Limited, quoting full name of the First/ Sole Applicant, Serial Number of the Bid cum Application Form, Number of Equity shares bid for, Name of the Member of the Syndicate, Place where the bid was submitted and payment details at me address given below:

Mondkar Computers Private Limited
21, Shakil Niwas, Opp. Satyasaibaba Temple, Mahakali Caves Road, Andheri (East), MUMBAI-400093.
TEL: (91 22) 28207203 - 205, 28257641, 28366620
Fax: (91 22) 28207207
Email: mindtree_ipo@mondkarcomputers.com
Website: www.mondkarcomputers.com
Contact Person: Mr. Ashok Gupta / Mr. Ravindra Utekar

Place: Bangalore Date : March 2, 2007	For MindTree Consulting Limited On Behalf of the Board of Directors Sd/- Authorized Signatory

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF MINDTREE CONSULTING LIMITED

MindTree IPO Basis of Allotment FAQs

The IPO allocation is based on the subscription level and the investor category.

Refer to IPO allotment rules and methods for more details.

See the basis of allotment document above to know how the shares are allocated in MindTree IPO .

The MindTree IPO basis of allotment (published above) tells you how shares are allocated to you in MindTree IPO and category wise demand of IPO share.

Visit the MindTree IPO allotment status page to check the number of shares allocated to your application.

In MindTree IPO allotment process, the registrar separates valid and invalid applications. The invalid applications with technical errors are rejected and only valid applications at or above the cut-off price are considered for allotment.

For more information, please refer to IPO Allotment Process and Basis of Allotment.

Check the MindTree IPO basis of allotment document to know how the shares are allocated in MindTree IPO.

MindTree IPO Basis of Allotment

MindTree IPO Basis of Allotment FAQs

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What is MindTree IPO basis of allotment status?

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