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.

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.