i-flex Solutions Updates on Open Offer

DSP Merrill Lynch Ltd (Manager to the Offer), on behalf of Oracle Global (Mauritius) Ltd. (Acquirer) along with Oracle Corporation (Person Acting in Concert ("PAC")) has issued this Public Announcement to the Shareholders of i-flex Solutions Ltd (Target Company), which is in continuation of and should be read in conjunction with the Original Public Announcement ("PA") dated September 13, 2006, in compliance with Regulations 11(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and subsequent amendments thereto (the "SEBI (SAST) Regulations"). The shareholders of the Target Company are requested to note the following:

1. The Schedule of Activity set forth in the public announcement dated September 13, 2006 is delayed and a revised Schedule of Activity will be announced separately.

2. The Offer price of Rs 1475.00 for each fully paid equity share of the Target Company remains unchanged. All other terms and conditions of the Offer as set forth in the public announcement dated September 13, 2006 will also remain unchanged.

Source : Equity Bulls

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