For Quick Alerts
For Daily Alerts

Govt Sells 'Enemy Shares' In Wipro Worth Rs 1,150 Crore


In a block deal, the government has sold 'enemy shares' worth around Rs 1,150 crore in Wipro Ltd to three state-owned insurers.

The Custodian of Enemy Property for India (that holds assets considered as 'enemy property' under the Enemy Property Act of 1968), offloaded more than 4.43 crore shares of the IT major at a price of Rs 258.90 apiece in a block deal as per data available with stock exchange BSE.

Govt Sells 'Enemy Shares' In Wipro Worth Rs 1,150 Crore

The shares were bought by Life Insurance Corporation (LIC), General Insurance Corporation and The New India Assurance Corporation.

Enemy shares refer to shares left behind by a person who has migrated from India to an enemy country at the time when India was at war. The government has been looking to monetize these dormant assets that include property, jewellery, land and buildings, that have been lying for decades.

In November 2018, the Union Cabinet chaired by Prime Minister Narendra Modi approved a mechanism and procedure for sale of the enemy shares so as to be deposited as disinvestment proceeds in the Government Account maintained by Ministry of Finance.

The Cabinet statement back then said "the decision will lead to monetization of movable enemy property lying dormant for decades. Sale proceeds from this may be used for development and social welfare programmes."

Shares of Wipro Ltd were trading 1.31 percent higher at Rs 262.45 apiece at around 12.40 pm.

Read more about: wipro
Story first published: Friday, April 5, 2019, 12:47 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more