Smartworks Coworking Spaces Allots 7,650 Equity Shares Under ESOP 2022

Smartworks Coworking Spaces Limited has announced the allotment of 7,650 equity shares under its Employee Stock Option Plan 2022, following a Board circular resolution passed on December 23, 2025. The shares were allotted pursuant to the exercise of vested options by employees under the company's ESOP scheme.

Share Capital Enhancement

The allotment has resulted in an increase in the company's issued and paid-up equity share capital. Following this allotment, the total share capital now stands at ₹1,14,26,20,760, divided into 11,42,62,076 equity shares with a face value of ₹10 each.

Parameter	Details
Shares Allotted	7,650 equity shares
Face Value	₹10 per share
Total Paid-up Capital	₹1,14,26,20,760
Total Outstanding Shares	11,42,62,076
Distinctive Numbers	114254427 to 114262076

Regulatory Approvals

Smartworks Coworking Spaces had previously secured necessary regulatory approvals for the ESOP allotments. The company received in-principle approval from the National Stock Exchange of India Limited through letter number NSE/LIST/50227 dated August 28, 2025. Similarly, BSE Limited granted approval via letter number DCS/ESOP/IP/NB/3770/2025-26 dated August 29, 2025.

ESOP Scheme Details

The Employee Stock Option Plan 2022 serves as the framework under which these shares were issued. The shares were originally issued on December 20, 2022, and the recent allotment represents the exercise of vested options by eligible employees. The newly allotted shares are identical in all respects to existing equity shares, including dividend payment rights and other shareholder privileges.

Compliance and Disclosure

The company has fulfilled all disclosure requirements under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI's Master Circular dated November 11, 2024. Additionally, details required under Regulation 10(c) of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, have been provided to both stock exchanges. The shares will be held in demat form, and no listing fees are applicable for this allotment.

Smartworks Coworking Spaces has released a comprehensive joint report with UnearthIQ detailing the projected growth trajectory of India's flexible workspace market, indicating substantial expansion driven by Global Capability Centers (GCCs).

Market Valuation and Growth Projections

According to the joint report titled "India's Next Commercial Real Estate Wave: The Rise of Flex Spaces Fueled by GCC Growth," India's flex space industry is entering a hyper-growth phase. The market is projected to surge from its current valuation of $3-4 billion to $9-10 billion by 2028.

Market Parameter	Current Value	2028 Projection	2030 Projection
Flex Space Market Value	$3-4 billion	$9-10 billion	-
GCC Office Space Demand	-	-	160-200 million sq. ft.
Flex Space Capture	-	-	65-80 million sq. ft.
Total Office Demand	-	-	200 million sq. ft.

GCC Expansion Driving Market Growth

The report identifies GCC expansion as the primary catalyst for this remarkable growth. India currently hosts 1,850 GCCs employing nearly 2.20 million professionals. These centers are expanding rapidly, adding 80,000-120,000 seats annually and creating a $170-254 million yearly opportunity for workspace operators.

GCC Market Metrics	Current Status
Total GCCs in India	1,850
Professionals Employed	2.20 million
Annual Seat Addition	80,000-120,000
Yearly Market Opportunity	$170-254 million

Commercial Real Estate Market Context

India's broader commercial real estate market, currently valued at $50-60 billion and ranking as the fourth-largest globally, is projected to reach $120-130 billion by 2030. The office segment, representing $22-26 billion and forming 40-50% of the total market, is being reshaped by GCC growth, IT expansion, and hybrid work models.

Strategic Platform Development

Harsh Binani, Co-Founder of Smartworks, emphasized the company's commitment to supporting this transformation through SmartVantage, a purpose-built platform designed to support GCCs from setup to scale across Tier-1 and Tier-2 markets.

Gaurav Vasu, Co-Founder CEO, and Shail Maniar, Co-Founder GCC Practitioner at UnearthIQ, highlighted that flex operators combining scale with technology and end-to-end enablement will define the next decade of GCC growth.

Market Evolution and Service Integration

The report indicates that flex space operators are evolving from workspace providers into comprehensive GCC-as-a-Service partners, offering unified solutions including fit-outs, talent support, compliance, and operational enablement. This consolidation simplifies setup processes and accelerates scaling for enterprises seeking asset-light, operational expenditure-led models.