The total area for sale is over 13.73 cre square feet, which, when sold, will help the company deposit at least the required sum of Rs 5,092.64 cr with the Sebi
Thirty properties of Sahara India Group across the country are up for sale.
The total area for sale is over 13.73 crore square feet, which, when sold, will help the company deposit at least the required sum of Rs 5,092.64 crore with the Securities and Exchange Board of India (Sebi).
These properties are located at Najafgarh-Delhi, Lucknow, Coimbatore, Noida, Kolkata, Gwalior, Pune, Katni, Solapur, Porbandar, Jhansi, Bhopal, Satna, among others, and also include Sahara Hospital and its land in Lucknow's Gomti Nagar area.
During the last hearing in the Supreme Court on February 28, Sahara India Group was directed to deposit Rs 5,092.64 crore with Sebi by April 7 to seek bail for its chief Subrato Roy. While extending his parole till April 17, the apex court had asked Sahara India Group to sell at least 15 properties that are free from all the encumbrances to raise the required deposit amount.
The biggest of the land parcels that has been put on the block is in Haryana's Mewat district at Sohna Road spread over 304.6 acre.
As per the break-up of the land holdings, the total size of these 30 properties of varying valuations is 2,953.48 acre of land, 78,13,887 square feet of approved Floor Space Index and additional 9,24,986 sq ft of built-up area.
Knight Frank India Private Ltd is coordinating the sale of Sahara Group's assets for which Expression of Interest (EoI) has been floated. Sources privy to the deal told DNA Money that the valuations of these 30 properties are as per the requirements to raise just over Rs 5,092.64 crore.
However, how much the entire sale will mop up will depend only on the market discovery process in the next few weeks.
Once the deals are honoured, and depending upon the total amount of funds gathered and deposited with Sebi, it will be the apex court who will take a call during the next hearing.
As per terms of the tender document, a net worth of minimum Rs 10 crore is a pre-requisite to participate in the sale process.
The EoI document will be shared with the interested parties online followed by inspection of the property or site visit.
Knight Frank will accept EoIs till March 20, thereafter, only qualified parties will be issued Request for Proposal (RFP) document. Upon evaluation of the same, there would be negotiations over what should be the price of each of the 30 properties.
All these processes for sale of the properties have to be completed before April 7, so that the group can deposit the amount with Sebi.
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