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 & the subsequent Public Announcement dated November 06, 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:

Revised schedule of Activities:

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Activity				Original Schedule		Revised Schedule
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Specified Date			October 06, 2006		October 06, 2006
Date of Opening of the Offer	November 06, 2006		December 04, 2006
Date of Closing of the Offer	November 25, 2006		December 23, 2006
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1. The Emerging Voting Capital of the Target Company is to be computed as of the date that is 15 days after the closing of the Offer. Due to the delay in the offer schedule, the Emerging Voting Capital now needs to be computed as of January 15, 2007 and the applicable Emerging Voting Capital is 83,156,714 shares (compared to 83,145,114 shares as of December 15, 2006 under the original offer schedule). Based on the revised Emerging Voting Capital, the total offer size, computed as 20% of the Emerging Voting Capital, has changed marginally to 16,631,343 shares compared to the originally announced offer for 16,629,023 shares.

2. The offer price of Rs 1,475.00 for each fully paid equity share of the Target Company remains unchanged.

3. Due to delay in the Offer, the Acquirer and the PAC will pay interest of Rs 11.35 per fully paid Equity Share of the Target Company, computed at a rate of 10% per annum for the period from the original scheduled date of payment (December 09, 2006) up to the revised scheduled date of payment (January 06, 2007). In case of further delay in receipt of any statutory approval(s) which may become applicable subsequent to this Letter of Offer, SEBI has the power to grant an extension of time to the Acquirer and the PAC for payment of consideration to shareholders, subject to the Acquirer and the PAC agreeing to pay interest for the delayed period as directed by SEBI in terms of Regulation 22(12) of the SEBI (SAST) Regulations. Further, if the delay occurs on account of willful default by the Acquirer and the PAC in obtaining requisite approvals which may become applicable subsequent to this Letter of Offer, Regulation 22(13) of the SEBI (SAST) Regulations will also become applicable.

4. A total payment of Rs 1,486.35 will be thus made for each fully paid-up equity share of face value Rs 5 each of the Target Company, comprising of Rs 1,475.00 as the offer price and Rs 11.35 as interest due to delay.

5. All other terms & conditions of the offer dated September 13, 2006 remain unchanged.

Source : Equity Bulls

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