PropShare Investment Trust has entered into a non-binding term sheet for the sale of all assets held under its PS Platina scheme. The proposed transaction values the assets at an enterprise value of approximately ₹410.13 crore.

The agreement was signed on October 21, 2026, with the investment manager of an Alternative Investment Fund (Category-II). The sale structure involves the transfer of the entire share capital and all other instruments of the special purpose vehicles (SPVs) owned by PS Platina. This follows a board evaluation and authorization process completed in July 2026.

Transaction Structure and Valuation

The proposed sale is structured as a transfer of equity and instruments within the SPVs rather than a direct asset sale. The final net consideration is subject to customary adjustments on the closing date, particularly regarding working capital items. These adjustments will determine the realized amount after applicable taxes, contingent upon the successful consummation of the deal.

Conditions Precedent

The execution of the term sheet does not constitute a binding commitment. The transaction remains subject to several critical conditions, including:

• Completion of due diligence by the prospective buyer.
• Negotiation and execution of definitive agreements.
• Receipt of applicable regulatory and internal approvals.
• Fulfilment of other mutually agreed conditions.

What the Numbers Show

The disclosed enterprise value of ₹410.13 crore represents the gross valuation before any deductions. The filing explicitly notes that this figure is subject to working capital adjustments. Consequently, the actual cash inflow to PropShare Platina will differ from the headline enterprise value based on the balance sheet position at closing. The shift from a direct asset sale to an SPV share transfer may impact tax efficiency and regulatory clearance timelines, though specific tax implications are not detailed in the disclosure.

Property Share Investment Trust declared a distribution of ₹23,024.83 per unit for the quarter ended September 30, 2026. The total aggregate distribution amounts to ₹77.39 million, comprising interest payments and debt repayment.

The board of PropShare Investment Manager Private Limited approved the unaudited standalone and consolidated financial results for Q2FY27 on October 12, 2026. The distribution structure allocates ₹4,138.91 per unit as interest payment and ₹18,885.92 per unit as repayment of debt.

Financial Performance Overview

The scheme reported a consolidated profit after tax of ₹46.27 million for Q2FY27, compared to ₹41.59 million in the corresponding quarter of the previous year. Revenue from operations remained stable at ₹77.13 million in Q2FY27, mirroring the ₹77.12 million recorded in the preceding quarter and the year-ago period.

Net Asset Value Update

The Net Asset Value (NAV) at fair value stood at ₹11,78,000.60 per unit as of September 30, 2026. This represents an increase from the fair value NAV of ₹11,44,216.01 per unit reported as of March 31, 2026. The book value NAV was reported at ₹9,91,948.82 per unit for the current period.

What the Numbers Show

A significant portion of the declared distribution is driven by capital return rather than operational income. Of the total ₹23,024.83 per unit payout, 82% is attributed to debt repayment (₹18,885.92), while only 18% (₹4,138.91) stems from interest income. This indicates that the distribution is heavily reliant on the amortization of shareholder loans or internal debt structures rather than solely on rental yield generation.

Additionally, the consolidated statement reveals that deferred tax charges decreased significantly from ₹15.72 million in Q2FY26 to ₹7.65 million in Q2FY27. This reduction contributed to the higher Profit After Tax despite a marginal decline in Profit Before Tax compared to the year-ago quarter.