Khaitan & Co advised Gauss Networks Private Ltd (Gauss) and its shareholders, including foreign investor Velo Partners, in relation to the acquisition of 100 per cent of Gauss by Delta Corp Ltd (Delta Corp) by: (a) acquiring 25.99 per cent by purchasing shares from Gauss’s existing shareholders, and (b) amalgamating Gauss into Delta Corp resulting in the issuance of Redeemable Preference Shares and Optionally Convertible Preference Shares to the shareholders of Gauss for around $31.3m.
Delta Corp is the largest and only listed company within the gaming and hospitality segment in India. Delta Corp possesses three out of the six issued offshore gaming licenses in Goa and currently offers 2,000 gaming positions.
The Core Corporate transaction team included Ganesh Prasad (Partner), Sharad Moudgal (Partner), Sanjay Khan Nagra (Senior Associate) and Aishwarya Giridhar (Associate) with assistance from Bijal Ajinkya (Partner) and Surajkumar Shetty (Senior Associate) on the Direct tax aspects.
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