Sahara sells Gurgaon land to M3M India for Rs 1,211 crore
5 Dec 2014 12:30 AM GMT
As it tries to raise funds for securing release of chief Subrata Roy from Tihar jail, Sahara group on Thursday sold a big land parcel in Gurgaon near here for Rs 1,211 crore to realty firm M3M India Ltd.
The group is also believed to have clinched deals for sale of two more land parcels (one in Vasai, Mumbai and another in Jodhpur, Rajasthan) for over Rs 1,250 crore, while talks are in the final
stages for sale of a Pune land tract.
The entire amount of Rs 1,211 crore will be paid in installments over a period of six months, while post-dated cheques have been given to Sahara group for purchase of this land, situated at Chauma village in Gurgaon. The deal announcement comes within days of Supreme Court permitting the Sahara Group to proceed with the sale of four domestic properties, which is likely to fetch Rs 2,710 crore, in its bid to raise Rs 10,000 crore for Roy's release. Besides this Chauma land, the court has allowed Sahara to sell properties in Jodhpur, Pune and Vasai.
Sources said that the Vasai land is being sold for Rs 1,111 crore, while that in Jodhpur for another Rs 140 crore. Out of the list of nine domestic properties submitted earlier to the court, Sahara has already sold its Ahmedabad property for Rs 411.8 crore, which has gone into Sebi account.
Roy, who was sent to jail on 4 March this year in a case involving alleged non-refund of over Rs 20,000 crore with interest to depositors, was asked by the court to pay Rs 10,000 crore to get bail, of which Rs 5,000 crore should be paid in cash and rest of the amount in bank guarantee.
The group is also believed to have clinched deals for sale of two more land parcels (one in Vasai, Mumbai and another in Jodhpur, Rajasthan) for over Rs 1,250 crore, while talks are in the final
stages for sale of a Pune land tract.
The entire amount of Rs 1,211 crore will be paid in installments over a period of six months, while post-dated cheques have been given to Sahara group for purchase of this land, situated at Chauma village in Gurgaon. The deal announcement comes within days of Supreme Court permitting the Sahara Group to proceed with the sale of four domestic properties, which is likely to fetch Rs 2,710 crore, in its bid to raise Rs 10,000 crore for Roy's release. Besides this Chauma land, the court has allowed Sahara to sell properties in Jodhpur, Pune and Vasai.
Sources said that the Vasai land is being sold for Rs 1,111 crore, while that in Jodhpur for another Rs 140 crore. Out of the list of nine domestic properties submitted earlier to the court, Sahara has already sold its Ahmedabad property for Rs 411.8 crore, which has gone into Sebi account.
Roy, who was sent to jail on 4 March this year in a case involving alleged non-refund of over Rs 20,000 crore with interest to depositors, was asked by the court to pay Rs 10,000 crore to get bail, of which Rs 5,000 crore should be paid in cash and rest of the amount in bank guarantee.
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