The Securities and Exchange Board of India (SEBI) has lined-up 13 additional land parcels of Sahara Group for an e-auction next month at a total reserve price of about Rs 1,400 crore in a move to recover money from the beleaguered group’s assets.
This is in addition to the 58 properties of the group that were scheduled to be auctioned in July at a combined reserve price of nearly Rs 5,000 crore.
As per reports, market regulator SEBI has said that HDFC Realty will auction seven properties on October 27 at a reserve price of more than Rs 710 crore, while SBI Capital Markets (SBI Caps) will auction six properties on October 25 at a reserve price of over Rs 672 crore.
Following the Supreme Court’s directions for sale of certain Sahara assets to recover money, SEBI has mandated 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 30 land properties with an estimated market value of about Rs 4,100 crore. These properties are spread across the country and mostly include land parcels. As per the directions from the Supreme Court, these cannot be sold at less than 90 per cent of the circle rates.