Cybr5 Private Limited entered into share purchase agreement to acquire Covata Australia Pty Limited from Covata Limited (ASX:CVT) for AUD 4 million on March 20, 2019. Cybr5 Private Limited has paid a non refundable deposit of AUD 0.15 million and remaining will be paid on completion of transaction. The consideration shall comprise AUD 2 million towards extinguishment of Covata Limited's obligations under the convertible notes and issuance of new notes to the noteholders and AUD 2 million in cash at the completion. Cybr5 Private Limited will provide fund for consideration by a mix of debt and equity. The transaction is subject to approval from shareholders of Covata Limited in a general meeting which will be held on May 10, 2019, regulatory approval and third party approval. The transaction is unanimously approved by Board of Directors of Covata Limited. As on May 10, 2019, shareholders of Covata Limited approved the transaction. Upon completion of the transaction, Covata Australia Pty Limited will become the wholly owned subsidiary of Cybr5 Private Limited. The transaction is expected to be completed on May 28, 2019. Cybr5 Private Limited completed the acquisition of Covata Australia Pty Limited from Covata Limited (ASX:CVT) on July 16, 2019. The net cash proceeds of the sale have been received.