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PropShare Platina REIT becomes India's most expensive security at ₹10.45 lakh
While PropShare Platina REIT now holds the title of the most expensive security, Elcid Investments continues to be the priciest stock.
After debuting on the stock exchanges on December 10, PropShare Platina REIT has surpassed Elcid Investments to become the most expensive security, MoneyControl reported.
In its previous session, the SM REIT closed at an impressive ₹10.45 lakh per unit, following its debut price of ₹10.5 lakh per unit on the BSE on December 10.
While PropShare Platina REIT now holds the title of the most expensive security, Elcid Investments continues to be the priciest stock, according to MoneyControl. On October 29, Elcid Investments' shares soared to ₹2.36 lakh crore, surpassing MRF as the most expensive stock on the market. The stock saw a dramatic increase of 66,92,535 per cent from just ₹3.53 per share.
The report further mentioned that this sudden surge occurred after Asia's oldest stock exchange, BSE, held a special auction for price discovery of investment holding companies. The auction was conducted without any price banks to ensure a fair price discovery process.
Elcid Investments, a promoter entity in Asian Paints with a 2.95% stake valued at approximately ₹8,000 crore, has seen its stock price soar from a penny stock worth ₹3.21 in July 2024. In October, its shares surged to ₹2,25,000 in fair value, and then rose another 5% to close at ₹2,36,250, making it pricier per share than MRF Ltd, according to a Business Today report.
This dramatic increase followed the company's relisting on the BSE on October 29, bringing its market capitalisation to ₹4,725 crore. Elcid Investments was among several companies, including Nalwa Sons Investments, TVS Holdings, Kalyani Investment Company, and others, that were relisted.
PropShare Platina REIT, which obtained the SM REIT license as the first company after SEBI's March 2024 notification, launched a ₹353 crore issue for subscriptions from December 2 to 4. The issue was subscribed 1.19 times due to strong investor interest.
PropShare Platina REIT holds 246,935 square feet of office space in Prestige Tech Platina, a LEED Gold-certified building on Bangalore's Outer Ring Road. Developed by Prestige Group, the property will be fully leased to a US-based technology company under a 9-year lease agreement. The scheme offers investors a projected distribution yield of 9.0% for FY26, 8.7% for FY27, and 8.6% for FY28.
