SEC Exempts Indian Company from Tender Offer Requirements

The SEC Division of Corporation Finance granted exemptive relief to Mphasis Limited, an Indian company, from Exchange Act Rules 14e-1(a) and (c) ("Unlawful Tender Offer Practices"). The exemption will permit Mphasis Limited to (i) keep its tender offer open for a ten-working-day offer period and (ii) pay for tendered shares within seven working days after the closing of the tender offer, in accordance with Indian law.