Smartworks Coworking Spaces Limited has informed the Exchange about Diversification/Disinvestment
SMARTWORKS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Smartworks Coworking Spaces has reduced its shareholding in its associate company Clean Max DOS Private Limited (Cleanmax) from 24.82% to 9.08%, effectively causing Cleanmax to cease being classified as an associate of Smartworks. The stake was sold to Clean Max Enviro Energy Solutions Limited, which is not related to Smartworks' promoter group. The agreement was signed on August 21, 2025, with completion expected within one week, and the company received a net consideration of about Rs. 99.08 lakhs. The transaction is not a related party transaction. Notably, Cleanmax was classified as an associate under the Companies Act, 2013, but not under Ind AS accounting standards.
This is a minor disinvestment of a non-core associate stake that frees up a small amount of capital (under Rs. 1 crore) and simplifies Smartworks' corporate structure. It is unlikely to have a material impact on the stock price or business operations, as Cleanmax was a small associate and the company is primarily focused on coworking spaces.