National Oxygen Limited has withdrawn a proposed preferential issue of equity shares following a significant decline in its market price and reservations expressed by the proposed investor. The Board of Directors approved the withdrawal at its meeting held on July 15, 2026, determining that the previously approved issue price of ₹93.80 per share no longer reflects current market conditions. The company stated that this decision will not have any material adverse impact on its business operations or financial position.

The preferential issue was initially approved by the Board on April 29, 2026, and subsequently sanctioned by shareholders at an Extraordinary General Meeting on May 28, 2026. The proposal involved the allotment of 9,50,000 equity shares with a face value of ₹10 each to Saraf Housing Development Private Limited, a promoter group entity. The total issue size was ₹8,91,10,000, comprising a premium of ₹83.80 per share, in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Key Details of the Withdrawn Issue

The company had submitted an application to BSE Limited for in-principle approval regarding the preferential issue, which was still pending at the time of withdrawal. The Board noted that the investor, Saraf Housing Development Private Limited, had requested the deferment of the investment due to the prevailing market conditions. Consequently, the Board decided to withdraw the proposal after considering the commercial viability of the transaction.

National Oxygen Limited indicated that it may consider undertaking a fresh fund-raising exercise, including a potential preferential issue, at an appropriate time in the future. Any such initiative will be dependent on market conditions and subject to obtaining necessary regulatory and statutory approvals. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Promoter Rajesh Kumar Saraf has reduced his shareholding in National Oxygen Limited through a series of market sales conducted in late June 2026. The transactions, disclosed under Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015, resulted in the sale of 166,678 equity shares. This divestment represents 3.31% of the company's total equity and was executed over a trading period from June 29 to June 30, 2026.

Following the disposal, Saraf's total shareholding in National Oxygen Limited stands at 1,704,537 equity shares, which corresponds to 33.80% of the paid-up capital. The aggregate value of the transactions was recorded at ₹8,399,652.41, excluding taxes, brokerage, and other associated charges. The company intimated the stock exchange regarding this change in shareholding on July 1, 2026.

Transaction Details

The disclosure provides a comprehensive breakdown of the promoter's trading activity, confirming that the mode of acquisition and disposal was through the open market. No trading in derivatives was reported by the promoter during this period.