Delta Corp Limited (BSE:532848) agreed to acquire Gauss Networks Private Ltd. from Velo Partners and others for INR 1.6 billion on August 30, 2016. Delta Corp will acquire 2,501 equity shares and 10,753 compulsory convertible preference shares at the time of completion for INR 473 million in cash. Further, as consideration, Delta Corp will issue and allot 1 fully paid up 0.001% optionally convertible preference shares of INR 21,667 each and 1 fully paid up 1% redeemable preference shares of INR 21,667 each for every equity share of Gauss Networks. Certain founder shareholders of Gauss Networks will collectively receive an additional 6,000 optional convertible shares. On closing, Gaussian Networks shall stand dissolved. For the financial year 2015-2016, the consolidated turnover of Gauss Networks was INR 471.3 million. The deal is subject to regulatory and statutory approval including a no objection from the stock exchanges, creditors, court approval and Board and shareholders of Gauss Networks. The Board of Directors of Delta has approved for the acquisition and the draft scheme of amalgamation. The shareholder meeting of Delta Corp will be held on March 2, 2017. As of March 2, 2017, the shareholders of Delta Corp approved the transaction. The deal is expected to close prior to June 30, 2017. The transaction has been approved the National Company Law Tribunal on June 8, 2017. As of announced on August 3, 2017, Delta Corp Limited has completed all the actions contemplated under the scheme of amalgamation of Gauss Networks Private Ltd. with Delta including the allotment of 43,747 0.001% non-cumulative optionally convertible preference shares of INR 21,667 each fully paid-up and 37,747 1% redeemable preference shares of INR 21,667 each fully paid-up to the shareholders of Gauss pursuant to the scheme. Systematix Corporate Services Limited acted as fairness opinion provider to Delta Corp. Vaibhav Gaggar of Gaggar & Associates acted as legal advisor for Gauss Networks. Ganesh Prasad, Sharad Moudgal, Sanjay Khan, Aishwarya Giridhar, Bijal Ajinkya, Surajkumar Shetty and Vinita Krishnan of Khaitan & Co. acted as legal advisors for Gauss Networks and Velo Partners. Ashwath Rau, Kashish Bhatia, Aditi Singhvi, Devina Deshpande, Pranav Atit and Karishma Muravne of AZB & Partners acted as legal advisors for Delta Corp.