Sahara properties to be auctioned next month; bids start at Rs 1,900 crore
Markets regulator Securities and Exchange Board of India (Sebi) will sell a total of 16 land parcels of Sahara in a bid to recover dues of investors. The sale will be done through e-auction process next month at a reserve price of about Rs 1,900 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 July 13 and July 15 respectively, according to a PTI report.
This includes a total of 31 land parcels which will be auctioned by HDFC Realty with estimated market value of Rs 2,400 crore and 30 land parcels by SBI Cap worth Rs 4,100 crore.
Apart from this, the two are already scheduled to e-auction five properties each on July 7 and July 4 at a reserve price of nearly Rs 1,200 crore.
This will take the total fund raising from these auctions to at least Rs 3,100 crore as per the reserve price.
Sebi had appointed HDFC Realty and SBI Cap on being instructed by the Supreme Court to initiate the sale of Sahara's properties.
In a public notice issued today, SBI Cap said it will e-auction as many as eight land parcels on July 13 between 10.30 am and 11.30 am. These properties will fetch over Rs 1,196 crore - the reserve price, said the PTI report.
HDFC Realty will also e-auction five land parcels on July 15 between 11 am and 12 am at a reserve price of over Rs 702 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 June 16 and June 17.
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.