Mindteck India - Outcome Of Board Meeting

Mindteck India Ltd has informed that the Board of Directors of the Company at its meeting held on October 13, 2007 has decided that in view of the recent regulatory changes relating to overseas direct investment and on further consideration of the matter relating to the acquisition of (i) Mindteck UK Ltd (ii) Mindteck Singapore Pte Ltd (iii) Chendle Holdings Ltd and (iv) ICI Tech Holdings Inc (the Target Companies), the board of directors of Mindteck India Ltd, at its meeting held on October 13, 2007 have decided to reinstate the earlier proposal to acquire the shares of the aforementioned Companies directly on cash / stock basis rather than effecting such acquisition through its wholly owned subsidiary Mindteck BPO Services Pvt Ltd as previously advised by its letter dated September 03, 2007.

the Board, at the above meeting, also

(i) issued and allotted 800,377 equity shares in the Company having a face value of Rs 10/- (constituting 7.59% of the total post issue paid up equity share capital of the Company) at a premium of Rs 63.54 per equity share as fully paid-up to Banco Efisa S.A., a Portuguese Bank, for a consideration of Rs 58,859,725 (Rupees Fifty Eight Million, Eight Hundred Fifty Nine Thousand, Seven Hundred Twenty Five Only).

(ii) approved the simultaneous issue of new equity shares of the Company (i) of upto 20,000,000 equity shares to shareholders of the Target Companies as consideration for the acquisition of shares of the Target Companies, and (ii) of upto 5,000,000 equity shares of the Company to financial investors on private placement basis, in each case, at a price not lower than the price determined in accordance with the applicable SEBI Guidelines and subject to all necessary shareholder and regulatory approvals and in accordance with all applicable regulations; and