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Smartworks offloads stake in Cleanmax for ₹99 lakh
Smartworks, known for its managed office spaces, has sold most of its shares in Cleanmax DOS Pvt Ltd—dropping its stake from 24.82% to 9.08%.
The ₹99 lakh deal with Clean Max Enviro Energy Solutions Limited is set to wrap up this week.
With this move, Cleanmax won't be counted as an associate company of Smartworks anymore.
Smartworks just posted a solid quarter
The share sale isn't considered a related party transaction since the buyer isn't part of the promoter group.
On the business side, Smartworks just posted a solid quarter: revenue jumped 21% (to ₹379 crore) and losses shrank by 82% (down to ₹4.1 crore).
Plus, after debuting on the stock market last month at a 7% premium, Smartworks now has a market cap of about ₹5,433 crore ($632 million).