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Looking to raise funds to ensure release of its chief Subrata Roy from jail, Sahara has sold a big land parcel at the outskirts of the national capital for Rs 1,211 crore (Rs 12.11 billion) to Gurgaon-based developer M3M India Ltd.
The 185-acre land in Gurgaon, with 12 million square feet built-up area, would be used for 'mix-use development' and has sales revenue potential of Rs 12,000 crore (Rs 120 billion), M3M India Ltd said on Thursday while announcing the deal.
M3M India Director Pankaj Bansal also asserted that it was not a 'distress sale' by Sahara and the deal has been inked on the basis of market price.
He further said that the entire amount will be paid in instalments over a period of six months, while post-dated cheques have been given to Sahara group for purchase of this land at Chauma village in Gurgaon.
The deal 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 (Rs 27.10 billion), in its bid to raise Rs 10,000 crore (Rs 100 billion) for the release of its jailed chief Subrato Roy.
Besides this Chauma land, the court has also allowed the group to sell properties in Jodhpur, Pune and Vasai in Mumbai after it was satisfied that the transactions were in accordance with its June 4, 2014 order.
The apex court bench was informed that the group has already generated Rs 184.5 crore (Rs 1.84 billion) as part payment for its assets in Jodhpur, Chauma and Vasai, following which it was allowed to hand over three demand drafts and one cheque to SEBI's counsel.
Out of a list of nine domestic properties submitted earlier to the court, Sahara has already sold its Ahmedabad property and has raised Rs 411.82 crore which has gone into the account of SEBI.
Roy, who was sent to jail on March 4 this year in a case involving alleged non-refund of over Rs 20,000 crore (Rs 200 billion) with interest to depositors, was asked by the court to pay Rs 10,000 crore to get bail, out of which Rs 5,000 crore should be paid in cash and rest of the amount in bank guarantee.
Sahara, which had earlier raised Rs 3,117 crore (Rs 31.17 billion) and deposited with SEBI, told the court that out of nine domestic assets, it has now sold an Ahmedabad property and raised Rs 411.82 crore (Rs 4.11 billion) which has also gone into the account of the market regulator.