SEC Exempts Indian Company From Certain Tender Offer Requirements

Subject to certain conditions, the SEC Division of Corporation Finance granted exemptive relief to Indian company Mphasis Limited from Exchange Act Rule 14e-1(a). The exemption will allow Mphasis Limited to make an issuer tender offer that remains open for 10 working days rather than the 20-day time period ordinarily permitted under U.S. law. The relief is premised on Mphasis Limited's required compliance with an Indian law mandating a fixed 10-working day offer period for issuer tender offers, which may not be extended for U.S. Persons.

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