Key Points
The government on Thursday said it is planning to sell over 2.91 lakh 'enemy property' shares in 84 companies to individuals and corporates in tranches as it looks to dispose of assets of individuals who had migrated to Pakistan and China..
In the first tranche, the government is looking to sell about 1.88 lakh shares in 20 companies and has invited bids from 10 categories of buyers, including individuals, NRIs, Hindu Undivided Families (HUFs), Qualified Institutional Buyers (QIBs), trusts and companies by February 8, according to a public notice...
Assets left behind by people who have taken citizenship of Pakistan and China -- mostly between 1947 and 1962 -- are called 'enemy property'...
DIPAM said interested buyers will be required to submit their bids, indicating the number of shares of companies they intend to bid for and the bid price for the respective shares in a specified form...
The government shall fix a reserve price for shares of each of these companies, which shall not be disclosed, it said, adding that price bids submitted at a value lower than the reserve price shall be rejected...
