Govt puts ‘enemy property’ shares on the block

What’s Enemy Property?

Assets left behind by people, who taken citizenship of Pakistan and China, during 1947-1962, are called ‘enemy property’

Enemy property sale

• As many as 2,91,536 shares of 84 cos held by CEPI
• Invites bids for 1.88 lakh shares in 20 cos in tranche-1
• Bids that quote below reserve price will be rejected

New Delhi: The central 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’. The proposed share sale is part of the government’s initiative to dispose of ‘enemy property’ in the country.

Buyers will have to place bids for shares they wish to buy and any price quoted below the reserve price set by the government will be rejected. The reserve price will be kept confidential from prospective bidders. As many as 2,91,536 shares of 84 companies are held by the Custodian of Enemy Properties for India (CEPI).