National Oxygen Limited's board of directors convened a meeting on April 29, 2026, from 2.00 P.M. to 4.30 P.M., wherein key decisions were taken regarding the company's capital structure and fundraising initiatives. The meeting was conducted in compliance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

Increase in Authorized Share Capital

The board approved the increase in the authorized share capital of National Oxygen Limited from Rs. 17,10,00,000 to Rs. 18,10,00,000. Consequently, the revised authorized share capital stands at Rs. 18,10,00,000, divided into 61,00,000 equity shares of Rs. 10 each and 12,00,000 preference shares of Rs. 100 each, along with the existing capital structure as amended in the Memorandum of Association.

Preferential Issue of Equity Shares

The board approved the issuance of 9,50,000 equity shares with a face value of Rs. 10 each at a price of Rs. 93.80 per share, aggregating to Rs. 8,91,10,000. The issue price includes a premium of Rs. 83.80 per share and is not less than Rs. 73.80, as determined by the Registered Valuer in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The shares will be issued on a preferential basis to Saraf Housing Development Private Limited, a company forming part of the promoter group.

Key Dates and Appointments

The board fixed Tuesday, April 28, 2026, as the relevant date for determining the issue price for the proposed preferential issue. An Extra-Ordinary General Meeting (EGM) has been scheduled for Thursday, May 28, 2026, at 11 A.M. through video conference or other audio-visual means to obtain shareholder approval. Central Depository Services (India) Limited (CDSL) has been appointed as the agency for providing e-voting facility, and M/s. Lakshmmi Subramanian & Associates, Practicing Company Secretaries, has been appointed as the Scrutinizer for the e-voting process. The valuation report for the preferential issue was issued by CA S. Dehaleesan, Registered Valuer.

Regulatory Compliance

The company has submitted the board meeting outcome to BSE Limited under its scrip code 507813, ensuring full compliance with SEBI Listing Regulations. The preferential issue is being conducted in accordance with the provisions of the Companies Act, 2013 and SEBI ICDR Regulations. Additional disclosures required under Regulation 30 and Schedule III of SEBI Listing Regulations have been provided as part of the regulatory filing.

National Oxygen Limited has provided clarification to BSE regarding the delay in reporting the demise of its Whole-Time Director Mr. Gajanand Saraf, who passed away on 06.04.2026. The company submitted a detailed explanation on 17.04.2026, addressing the procedural delays in regulatory compliance.

Initial Regulatory Disclosure

The company initially filed the mandatory intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 on 13.04.2026. The disclosure was signed by Managing Director Rajesh Kumar Saraf (DIN: 00007353) and submitted to BSE's Department of Corporate Services.

Clarification for Regulatory Delay

In a subsequent filing dated 17.04.2026, National Oxygen Limited provided detailed clarification for the delay in submission within the prescribed 24-hour timeline. The company cited exceptional and unavoidable circumstances that impacted normal operations following the sudden demise of the founder.

Board Composition and Impact

The company's board structure highlighted the significant impact of Mr. Saraf's demise on operations. The Board of Directors comprises Mr. Gajanand Saraf as Whole-Time Director (Father - Deceased), Mr. Rajesh Kumar Saraf as Managing Director (Son), Ms. Sarita Saraf as Executive Director (Daughter-in-law), and other Independent Directors.

The sudden demise of Mr. Gajanand Saraf, who was the founder and a key member of the promoter family, deeply impacted the immediate family and company functioning. The office remained non-operational for a brief period due to the bereavement.

Procedural Challenges

The company explained that the Digital Signature Certificate (DSC) required for filing disclosures was in possession of Mr. Rajesh Kumar Saraf, son of the deceased director. Other directors were not immediately positioned to access filing systems or complete OTP-based authentication procedures, leading to procedural delays in submission.

The delay was described as purely unintentional and occurred due to circumstances beyond the company's control, arising from an unforeseen and sensitive situation. The company requested BSE to condone the delay in submission.

About National Oxygen Limited

National Oxygen Limited is an ISO 9001:2015 certified company engaged in manufacturing liquid and gaseous oxygen, nitrogen, nitrous oxide, medical oxygen, and dissolved acetylene gas. The company operates three manufacturing facilities across Tamil Nadu and Puducherry, with its registered office located in Chennai.