Smartworks Reduces Stake in Cleanmax

Smartworks, a leading managed office space provider, has decreased its stake in its associate company, Cleanmax (Cleanmax DOS Pvt Ltd). This information was disclosed in a recent stock exchange filing.

As per the filing, Smartworks has lowered its ownership in Cleanmax from 24.82% to 9.08%. This reduction was achieved through the sale of shares to Clean Max Enviro Energy Solutions Limited for approximately Rs 99 lakh. It is anticipated that the transaction will be finalised within a week.

The filing further indicated that because the buyer is not part of the promoter or promoter group, this transaction will not be regarded as a related party transaction.

Implications of the Reduced Stake

With this reduction in holdings, Smartworks will no longer classify Cleanmax as an associate company. This marks a significant change in the relationship between the two entities.

Smartworks Financial Performance

In terms of financial performance, Smartworks reported a 21% increase in revenue on a year-on-year basis, reaching Rs 379 crore in Q1 FY26. Additionally, the company managed to narrow its losses by 82%, reducing them to Rs 4.1 crore.

Smartworks made its debut on the stock market last month at a 7% premium over its issue price of Rs 407. The company successfully raised Rs 445 crore through a fresh issue and Rs 137.5 crore via an Offer for Sale (OFS) of 34 lakh shares. By the end of Thursday’s trading session, Smartworks shares were valued at Rs 476, giving the company a market capitalisation of Rs 5,432.65 crore ($632 million).