India, Aug. 22 -- Smartworks Coworking Spaces Ltd has reduced its stake in its associate company Cleanmax DOS Pvt Ltd from 24.82% to 9.08% for INR 99 Lakh.

Smartworks is selling its stake to Cleanmax associate company Clean Max Enviro Energy Solutions.

"As a result of this dilution, Cleanmax ceases to be classified as an associate of the company as per the provisions of SEBI Regulations, 2015," Smartworks said in a regulatory filing.

The company agreed to sell its stake on August 21, and the transaction is expected to be completed in a week.

Founded in 2016 by Neetish Sarda and Harsh Binani, Smartworks is a coworking space provider for large enterprises. It leases large buildings from landlords, converts them into campuses, and then r...