Smartworks Reduces Stake in Cleanmax, Exits Associate Status
• Smartworks trims stake in Cleanmax from 24.82% to 9.08%, ending associate status.
• Revenue up 21% YoY to Rs 379 crore; losses cut 82%.
• Listed at 7% premium, current market cap at Rs 5,432.65 crore.
Managed office space provider Smartworks has partially divested its holding in associate company Cleanmax (Cleanmax DOS Pvt Ltd), according to its latest stock exchange filing. The company has lowered its stake from 24.82% to 9.08%, selling the shares to Clean Max Enviro Energy Solutions Limited for about Rs 99 lakh. The transaction is expected to be completed within a week.
Since the buyer does not belong to the promoter or promoter group, the sale will not be considered a related party transaction. Importantly, with its holding now at 9.08%, Smartworks no longer qualifies Cleanmax as an associate company.
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This move comes at a time when Smartworks is focusing on strengthening its core managed office business. In Q1 FY26, the company reported a 21% YoY increase in revenue to Rs 379 crore while successfully reducing losses 82% to Rs 4.1 crore.
Smartworks also recently made a strong debut on the stock market, listing at a 7% premium over its issue price of Rs 407. The IPO helped the company raise Rs 445 crore through a fresh issue and an additional Rs 137.5 crore via OFS of 34 lakh shares. At Thursday’s close, shares were trading at Rs 476, valuing the company at Rs 5,432.65 crore ($632 million).
Industry experts view this divestment as a strategic portfolio restructuring, potentially aimed at strengthening liquidity and sharpening focus on the company’s core growth areas.
