Sahara properties to be auctioned at Rs1,900 crore reserve price1 min read . Updated: 09 Jun 2016, 04:21 PM IST
The e-auction of Sahara properties would be conducted by SBI Capital Markets and HDFC Realty on 13 and 15 July respectively
New Delhi: Taking forward its task of recovering dues from Sahara, markets regulator Sebi will sell a total of 16 land parcels of the beleaguered group, through e-auction next month, at a reserve price of about Rs1,900 crore.
The auction would be conducted by SBI Capital Markets and HDFC Realty, which have been tasked to auction a total of 61 land parcels, on 13 and 15 July respectively. Besides, the two are already scheduled to e-auction five properties each on 7 and 4 July respectively at a reserve price of nearly Rs1,200 crore. At the reserve price, these auctions will take the total fund raising to at least Rs3,100 crore.
The Securities and Exchange Board of India (Sebi) roped in HDFC Realty and SBI Cap after being asked by the Supreme Court to initiate the process of selling Sahara properties whose titles have been deposited with it by the group.
HDFC Realty has been asked to auction a total of 31 land parcels at Rs2,400 crore, while SBI Cap has been tasked to auction another 30 land properties with an estimated market value of about Rs4,100 crore.
In a public notice issued on Thursday, SBI Cap said it will e-auction as many as eight land parcels on 13 July between 10.30am and 11.30am. These properties will fetch over Rs1,196 crore — the reserve price.
HDFC Realty will also e-auction five land parcels on 15 July between 11am and 12am at a reserve price of over Rs702 crore, it said in a separate notice.
These properties are located in Rajasthan, Tamil Nadu, Madhya Pradesh, Uttar Pradesh, Bihar and Jharkhand. The assets being sold are residential, agricultural and non-agricultural land. Interested bidder can inspect these land parcels between 16 June and 17 June.
As per the court directions, these properties cannot be sold at less than 90% of circle rates. After spending two years in jail, Sahara chief Subrata Roy is currently out on parole. He was sent to jail on the orders of the Supreme Court in a long running dispute with Sebi.
Sahara has filed a defamation case in a Patna court against Mint’s editor and some reporters over the newspaper’s coverage of the company’s dispute with the Securities and Exchange Board of India. Mint is contesting the case.