New Delhi: Market regulator Securities Exchange Board of India is set to sale the properties of Subrata Roy Sahara to recover the money through an e-auction next month at a reserve price of Rs 1900 crore. SBI Capital and HDFC Realty will conduct the auction on July 13 and July 15.
Besides, the two are already planned to e-auction five properties each on July 7 and July 4 respectively at a reserve price of approximately Rs 1,200 crore. At the reserve price, these auctions will take the total fund raising to at least Rs 3,100 crore.
After being asked by the Supreme Court, the Securities and Exchange Board of India roped in HDFC Realty and SBI Capital to commence the procedure of selling Sahara properties.
HDFC Realty has been asked to auction a total of 31 land properties at Rs 2,400 crore, while SBI Capital has been tasked to auction another 30 land properties with an expected market value of about Rs 4,100 crore.
In a public notice issued, SBI Capital said they will e-auction as many as eight land properties on July 13. These properties will obtain over Rs 1,196 crore – the reserve price. HDFC Realty will e-auction five land properties on July 15 at a reserve price of over Rs 702 crore, it told 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. Currently Sahara chief Subrata Roy is out on parole. He was sent to jail on the orders of the Supreme Court in a long running dispute with SEBI.