How to get both text and value of selected option in a dropdown in Asp.Net MVC?

While working in a MVC project, I got a requirement where I needed both Value as well as

Text of the selected option in the Dropdown.

The solution that worked for me for the above requirement is as follows:-

I combined both Text and Value using ':' between the two and stored it inside SelectListItem.Value

and when the Form was posted back, I used Split(':') function to get both of them.

Here is the code:-

In the Model Class:-

public class ParsingLogic
    {
        public int Id;
        public string classificationID;
        public string logic;
        public List<SelectListItem> classificationIDs;
   }

In the Controller Class:-

public ActionResult Index()
        {
          ParsingLogic parsingLogic = new ParsingLogic();
          parsingLogic.classificationIDs.Add(new SelectListItem { Text = "--Select Classification--", Value = "" });
            List<Classification> classifications = smsLogicControllerApi.GetClassificationIds();

            if (classifications.Count == 1 && classifications[0].status == Status.Error)
            {
                ModelState.AddModelError("Error", "Problem in getting classification Ids.");
            }
            else
            {
                foreach (Classification classification in classifications)
                {
                 parsingLogic.classificationIDs.Add(new SelectListItem { Text = classification.classificationID,        Value = Convert.ToString(classification.classificationID + ":" + classification.smsClassificationID) });
                }
            }
 return View(parsingLogic);
        }

In the View:-

@Html.DropDownListFor(model => model.smsClassificationID, Model.classificationIDs, new { id ="classificationID", @class = "form-control" })

Note:- In the following line of code, I have combined both Value as well as Text:-

parsingLogic.classificationIDs.Add(new SelectListItem { Text = classification.classificationID, Value = Convert.ToString(classification.classificationID + ":" + classification.smsClassificationID) });

Now On Form submit I can retrieve the Text as well as the Value of the selected Option by splitting them as follows:-

 public ActionResult Update(FormCollection collection)
    {
        string[] array = Convert.ToString(collection["smsClassificationID"]).Split(':');
          string selectedValue = array[0];         
          string selectedText = array[1];
    }