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…