Capital market regulator SEBI will auction a property owned by Sahara in Uttarakhand for a total reserve price of a little over ₹223 crore, on July 28, as part of the process of recovering funds from the beleaguered group.

In a public notice today, the Securities and Exchange Board of India said SBI Capital Markets has been mandated to e-auction 82.93 acres of land located in Bahadarabad and Ranipur in Haridwar, Uttarakhand.

“SEBI hereby invites bids from intending bidders along with an amount equivalent to 25 per cent of the reserve price as earnest money to be paid through demand draft/pay order/RTGS/NEFT in favour of SEBI-Sahara Refund Account,” the notice said.

The regulator said that 1.36 acres of land out of 82.93 acres has been acquired by National Highways Authority of India. “An amount equivalent to the valuation of 1.36 acres of land would be reduced from the successful bid amount to be paid by the successful bidder in its last tranche payment on pro-rata basis,” it added.

Apex court direction

Following directions from the Supreme Court for the sale of certain Sahara assets to recover money, SEBI has appointed SBI Capital Markets and HDFC Realty for auctioning various land parcels held by Sahara group.

In November last year, SEBI had lined up as many as five land parcels of Sahara for e-auction at a total reserve price of over ₹130 crore.

Besides, 13 properties were put on the block in October, and their combined reserve price was about ₹1,400 crore and 58 properties were auctioned in July, last year.

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