I’ll answer my own question. Comments to the question by Hans Passant and Luke helped.
I downloaded Microsoft Visual C++ 2005 Service Pack 1 Redistributable Package MFC Security Update and installed it on the system where I was trying to run C:\foo\foo.exe. The EXE ran fine after this.
The installer placed the CRT DLLs in C:\windows\winsxs\x86_Microsoft.VC80.CRT_1fc8b3b9a1e18e3b_8.0.50727.6195_x-ww_44262b86. So, yes, 8.0.50727.6195 was the version of the CRT DLLs I was looking for as Hans Passant rightly said.
The easiest way to figure this version was by looking at the manifest file generated by Visual Studio while building my project on the development system. Mine was located at C:\Foo\Release\Foo.exe.intermediate.manifest. It had a tag like this:
<assemblyIdentity type="win32" name="Microsoft.VC80.CRT" version='8.0.50727.6195'
processorArchitecture="x86"
publicKeyToken='1fc8b3b9a1e18e3b' />
So, this is a clue that I needed 8.0.50727.6195 version of the DLLs. The rest was a matter of searching for the right vcredist_x86.exe which happened to be in the URL I have mentioned in the second paragraph. The page in that URL contains a link to KB2538242 which shows the version numbers of the DLLs that would be installed by the installer.
Note: As Elie has mentioned in a different answer to this question, since this is a 32-bit application, it is necessary to install vcredist_x86.exe (not vcredist_x64.exe) on the system where this application is supposed to be run irrespective of whether that system is a 32-bit Windows system or a 64-bit Windows system. Once again, the .manifest file provides this clue in the processorArchitecture attribute.