Sebi lines up more Sahara land for auction | business | Hindustan Times
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Sebi lines up more Sahara land for auction

business Updated: Jun 10, 2016 07:01 IST

NEW DELHI: Moving ahead with the sale of Sahara assets to recover money, the Securities and Exchange Board of India (Sebi) has lined up another 16 land parcels of the group for an e-auction next month, at a reserve price of around Rs 1,900 crore.

Ten other land parcels have already been lined up for an auction next month at a reserve price of Rs 1,200 crore, and the new auctions would take the total minimum value of the properties so far put on the block at Rs 3,100 crore.

More properties worth an equivalent amount are expected to be put up for auction in the coming days.

In separate notice son Thursday, the market regulator said SBI Caps will auction eight properties on July 13 at a reserve price of Rs 1,196 crore, while HDFC Realty will conduct an e-auction for another eight on July 15 at a reserve price of Rs 702 crore.

HDFC Realty and SBI Caps have already lined up two separate auctions on July 4 and July 7, respectively, for five properties each for a combined Rs 1,200 crore.

Following directions from the Supreme Court for the sale of certain Sahara assets to recover money, Sebi has mandated SBI Capital Markets (SBI Caps) and HDFC Realty for auctioning a total of 61 land parcels. HDFC Realty has been roped in to auction 31 land parcels at a reserve price of Rs 2,400 crore, while SBI Caps has been asked to auction another 30 land properties with an estimated market value of Rs 4,100 crore.

These properties are spread across the country, and mostly include land parcels. According to the court, they cannot be sold at less than 90% of the 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.