National Oxygen Ltd Withdraws Preferential Issue

National Oxygen Limited has withdrawn its proposed preferential issue of equity shares, which was previously approved by the Board of Directors on April 29, 2026, and by shareholders on May 28, 2026. The withdrawal, approved by the Board on July 15, 2026, is due to a significant decline in the company's share price since the initial approval, leading the proposed investor, Saraf Housing Development Private Limited, to express reservations about the issue price. The company stated that the approved price no longer reflects the current market scenario. The withdrawal is not expected to have a material adverse impact on the company's operations or financial position. National Oxygen may consider a fresh fund-raising exercise in the future.