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.
The SEC also provided exemptive relief from Exchange Act Rule 14e-1(c), as long as payment for the tendered shares will be made in accordance with Indian law and practice.
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