At ₹10.35 lakh, PropShare Platina REIT overtakes Elcid Investments as the most expensive stock

It seems there is fierce competition among stocks to claim the title of the most valuable. With each company pushing the boundaries of pricing and market value, investors are watching closely to see which stock will secure its position at the top.

PropShare Platina REIT has now taken the crown as the most expensive stock, surpassing Elcid Investments, which had previously broken MRF’s long-standing record as the most valuable stock on Dalal Street.

PropShare Platina REIT made its debut on December 10, listing at an impressive price of ₹10.5 lakh per unit and closing at ₹10.45 lakh per unit. It ended the previous trading session at ₹10.35 lakh per unit. This marks the first REIT to receive the SM REIT licence, granted by the Securities and Exchange Board of India (SEBI) following the introduction of SM REIT regulations in March 2024.

The minimum subscription amount for PSIT’s first scheme, PropShare Platina, was set at ₹10 lakh. SM REITs, which can raise between ₹50 crore and ₹500 crore, are designed to invest in commercial or residential real estate.

These REITs are smaller than traditional REITs, which must be valued above ₹500 crore. Additionally, SM REITs typically focus on individual properties, rather than a diversified portfolio like regular REITs.

PropShare Platina’s ₹353 crore issue, which was open for subscription from December 2 to December 4, received strong investor interest, with the issue being oversubscribed by 1.19 times. The REIT provides investors with the chance to invest in six floors of the premium-grade office building, Prestige Tech Platina, located on Bengaluru’s Outer Ring Road, a prime office market.

The property spans 246,935 square feet and is set to be fully leased to a US-based tech firm under a nine-year lease agreement. The scheme offers an attractive projected distribution yield of 9 per cent.

Real Estate Investment Trusts (REITs) offer a unique opportunity to invest in real estate, allowing investors to gain exposure to the capital appreciation of India’s growing property market. By investing in REITs, individuals can participate in high-income real estate projects, including commercial properties, and earn passive income through regular returns.

Elcid Investments price cracks over 40% from record high

Elcid Investments’ stock has fallen over 40 per cent from its record high after a dramatic surge earlier in November.

The company made headlines after its relisting on October 29, which followed an extraordinary 66,85,452 per cent rise in its stock price. This surge was a result of a special call auction mechanism introduced by the Bombay Stock Exchange (BSE), aimed at enabling price discovery for select investment holding companies. The auction pushed the stock price to a staggering ₹2,36,250 per share.

Following its relisting, Elcid Investments continued to climb, reaching an all-time high of ₹3,16,597 per share. However, the stock has since experienced a sharp correction, falling by 40.61 per cent from its peak to its current price of ₹1,97,404 per share.

Elcid Investments functions as a non-banking financial company (NBFC), registered with the Reserve Bank of India (RBI) as an investment company. Holding companies like Elcid typically own shares in other listed firms but do not engage in active business operations. As a result, these companies often trade at a significant discount on their book value due to limited liquidity and low trading volumes.

Disclaimer: We advise investors to check with certified experts before taking any investment decisions.