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'.

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).

In a public notice, the Department of Investment and Public Asset Management (DIPAM) said "GoI proposes to sell 2,91,536 shares of 84 companies".

It also listed the names of select 20 companies and 1,87,887 shares it proposes to divest.

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.

"Shares will be allotted to eligible bidders who have submitted a valid price bid, on a price priority basis subject to the approval of government of India," the DIPAM said.

The procedure and mechanism for disposal of enemy shares, under the custody of CEPI was approved by the Cabinet on November 8, 2018.

SBI Capital Markets was appointed as a merchant banker and selling broker for sale of shares held by CEPI.

Last month, Union Minister of State for Home Ajay Kumar Mishra had informed Parliament that shares worth more than Rs 2,709 crore were sold by the government as part of its initiative to dispose of enemy properties in the country.

The sale of such shares is done on the recommendation of a high-level committee which suggests the quantum and price level. The proceeds of sale or disposal of the enemy property are deposited into the consolidated fund of India.

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