Propshare Titania SM REIT - IPO (Second Scheme Of The Property Share Investment Trust) has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
The Board of PropShare Investment Manager approved the audited financial statements for the period February 21, 2025 to March 31, 2025 and combined financials for Q1 FY26 (ended June 30, 2025) of PropShare Titania SM REIT, which listed on BSE on August 4, 2025. The scheme reported zero revenue and a loss of Rs. 10,513 in Q1 FY26, taking accumulated losses to Rs. 29,983. Total assets stood at Rs. 18.38 lakhs against liabilities of Rs. 18.67 lakhs, leaving net assets in the negative at Rs. -28,983. The scheme held no SPV investments yet, with NAV per unit not disclosed since units were issued after the reporting date. The auditor flagged that the initial formation transaction (SPV acquisition) was completed after March 31, 2025, and noted a SEBI show cause notice to the parent trust's trustee (Axis Trustee Services) over alleged oversight lapses on another REIT, though no final order has been issued.
This is largely an early-stage, pre-operational filing as the REIT is still in formation with no revenue and no SPV assets acquired during the reported periods. The negative net asset position and accumulated losses are expected for a newly listed REIT that has not yet deployed capital. Investors should note the pending SEBI regulatory action against the parent trust's trustee as a governance risk worth monitoring, though it pertains to a separate REIT managed earlier. The financials themselves are not comparable to operating REITs and do not reflect post-listing fundraising or asset acquisitions.