Smartworks Coworking Spaces Ltd has completed the acquisition of Workstudio Spaces Pte. Ltd for 2.47 million SGD, strengthening its presence in the Singapore flex space market. The transaction was finalized on July 06, 2026, through Smartworks Space Pte. Ltd, a wholly owned subsidiary, making Workstudio a step-down subsidiary of the company. This strategic move increases the company's operational footprint in a key international business hub, positioning it to better serve enterprise clients and support long-term growth in Asia.

The acquisition is classified as a related party transaction, as an immediate relative of a director and promoter holds interest in the holding company of the target entity, though the deal was conducted at arm's length. With this addition, Smartworks' portfolio in Singapore will grow to four centres, spanning approximately 76,000 sq. ft. This expansion more than doubles the company's footprint in the region over the past two years. The target entity, Workstudio Spaces Pte. Ltd., is a flex space provider incorporated in Singapore on November 20, 2024.

Financial details of the acquired entity indicate a turnover of INR 5.09 Crores from its incorporation until March 31, 2026. The company is engaged in providing flexible workspace solutions, managed office spaces, and related services, primarily operating within Singapore. No governmental or regulatory approvals were required for the completion of this acquisition. The investment was made entirely by the subsidiary, with no direct investment required from the company.

Capacity Addition Details

The disclosure was submitted to the National Stock Exchange of India Limited and BSE Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The information has also been hosted on the company's website.

Smartworks Coworking Spaces Ltd has strengthened its governance framework by appointing Mr. Rajeev Krishnamuralilal Agarwal as an Additional Non-Executive and Independent Director effective June 25, 2026. The Board also recommended the appointment of Justice (Retd.) Dilip Deshmukh as a Non-Executive and Independent Director, subject to shareholder approval. These strategic moves aim to bolster the company's oversight with deep expertise in capital markets, financial regulation, and corporate adjudication.

Mr. Rajeev Krishnamuralilal Agarwal is a former Whole-Time Member of the Securities and Exchange Board of India (SEBI) and an Indian Revenue Service (IRS) officer from the 1983 batch. During his tenure at SEBI, he oversaw key policy areas including securities markets, mutual funds, and enforcement. He played a pivotal role in regulatory reforms such as the introduction of the Offer for Sale (OFS) mechanism. Mr. Agarwal currently serves on the boards of several listed and financial services companies.

Justice (Retd.) Dilip Deshmukh brings over four decades of judicial and corporate adjudication experience. He previously served as the Chairman of the Company Law Board (CLB), now known as the National Company Law Tribunal (NCLT), and as a Judge of the Chhattisgarh High Court. Since retiring in 2015, he has been active in domestic and international arbitration. His appointment is intended to enhance the Board's governance capabilities with his deep expertise in corporate law.

Details of Appointments

The company confirmed that neither appointee is related to any existing director on the Board. The disclosures were made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Smartworks is India’s largest managed office platform by total area under management, with a footprint of ~16.1 million square feet across 66 centres as on March 31, 2026.