Smartworks trims stake in associate company Cleanmax

Managed office space provider Smartworks has sold part of its stake in its associate company, Cleanmax (Cleanmax DOS Pvt Ltd), according to a stock exchange filing.

According to the filing, Smartworks has reduced its stake in Cleanmax from 24.82% to 9.08% by selling shares to Clean Max Enviro Energy Solutions Limited for about Rs 99 lakh, with the transaction expected to be completed within a week.

The filing also clarified that since the buyer does not belong to the promoter or promoter group, the transaction will not be classified as a related party transaction.

Since Smartworks has reduced its stake in Cleanmax to 9.08%, the company will no longer be classified as an associate company.

Smartworks reported a 21% year-on-year rise in revenue to Rs 379 crore in Q1 FY26, while narrowing its losses by 82% to Rs 4.1 crore.

Smartworks made its stock market debut last month at a 7% premium to its issue price of Rs 407, raising Rs 445 crore through a fresh issue and Rs 137.5 crore via an OFS of 34 lakh shares. At the end of Thursday’s session, its shares closed at Rs 476, valuing the company at Rs 5,432.65 crore ($632 million).