Property Share Investment Trust - Propshare Platina has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
PropShare Platina, an SM REIT scheme of Property Share Investment Trust, has filed its quarterly compliance statement on the use of IPO proceeds for the quarter ended March 31, 2025. The scheme raised Rs. 3,529.05 million (about Rs. 352.9 crore) through its IPO on December 10, 2024. The filing confirms there were no deviations or variations from the originally stated use of funds. Of the total, Rs. 3,390 million allocated for acquiring Project Platina (commercial office spaces) and related statutory charges has been fully utilised. The remaining Rs. 139.05 million earmarked for general corporate purposes and SM REIT issue expenses has seen Rs. 90.33 million utilised so far, which includes a Rs. 19.14 million distribution to unitholders drawn from surplus cash at the SPV level. The Audit Committee and auditors had no comments on the statement.
This is a routine compliance disclosure and is positive for unitholders as it confirms that IPO funds are being deployed as promised, with no diversions. Full deployment of the acquisition allocation shows execution progress on Project Platina, while partial use of general corporate purpose funds is normal in the early quarters post-listing.