Oracle revises open offer price for i-flex Solutions to Rs.2100

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 & November 22, 2006 & Letter of Offer to the shareholders of target Company dated November 23, 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 kindly note the following amendments with respect to the PAs and the Letter of Offer:

1. Upward Revision of Offer: In accordance with Regulation 26 of SEBI (SAST) Regulations, the Acquirer intends to make an upward revision of the size of the Offer ("Offer Size") and price of the Offer ("Offer Price") to the public shareholders of the Target Company as follows:

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A. Offer				Original Offer Details		Revise Offer Details

Offer (number of fully paid-up equity
shares of the Target Company)		up to 16,631,343		up to 28,390,000
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B. Offer Price, Interest & Total		Original Offer		Revised Offer
Payment (per fully paid up equity
share of i-flex)

a. Offer Price per fully paid-up		Rs 1,475.00		Rs 2,084.00
equity share of i-flex

b. Interest for the delay in the 		Rs 11.35		Rs 16.00
Offer**

c. Total Payment				Rs 1,486.35		Rs 2,100.00
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** The Acquirer and the PAC will pay interest computed at a rate of 10% per annum on the revised Offer of Rs 2,084.00 per fully paid up equity share for the period from the original scheduled date of payment (December 09, 2006) up to the revised scheduled date of payment (January 06, 2007).

2. As stated in paragraph 1 above, the revised Offer is for the acquisition of upto 28,390,000 fully paid up equity shares of face value of Rs 5 each of the Target Company representing 34.14% of the Emerging Voting Capital of the company at an Offer Price of Rs 2,084.00 per fully paid up equity share along with an interest of Rs 16.00 per fully paid of equity share for the delay in the Offer amounting to a Total Payment of Rs 2,100.00 per fully paid up equity share ("Revised Offer").

3. Consequent to upward revision stated in the paragraph 1 and 2 above, in Offer Price, Interest and the Offer Size assuming full acceptances, the total monetary value of Revised Offer would be Rs 59,619 million.

All other terms & Conditions of the offer as set forth in the above referred PAs and the Letter of offer remain unchanged.

Source : Equity Bulls

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