National Oxygen Withdraws Proposed Preferential Issue

National Oxygen Limited has announced the withdrawal of its proposed preferential issue of equity shares. The decision was made by the Board of Directors following reservations expressed by the proposed investor, Saraf Housing Development Private Limited, regarding the issue price. This reservation stems from a significant decline in the company's share price since the initial approval. The Board cited prevailing market conditions and the commercial non-viability of the transaction at the approved price. The company stated that this withdrawal will not materially impact its business operations or financial position and may consider a fresh fundraising exercise in the future.