National Oxygen Limited has approved the issue of up to 950,000 equity shares on a preferential basis to Saraf Housing Development Pvt Ltd, part of its promoter group. The move strengthens promoter holding and aligns with SEBI ICDR regulations, marking a significant capital-raising step for the company.
The Chennai-based industrial gas manufacturer announced the decision after its board meeting on March 20, 2026. The allotment will be priced in line with SEBI norms, with a registered valuer appointed to determine the issue price.
Strategic Capital Move
The preferential allotment aims to bolster the company’s financial position and reinforce promoter confidence. Saraf Housing Development Pvt Ltd will be the sole investor in this issue, ensuring streamlined execution.
Regulatory Compliance
The company confirmed that the issuance will comply with SEBI’s ICDR regulations and the Companies Act, 2013. A separate bank account will be opened to manage funds related to the preferential issue.
Key Highlights
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* Issue of up to 950,000 equity shares with face value of Rs.10 each
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* Preferential allotment to Saraf Housing Development Pvt Ltd (promoter group)
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* Appointment of registered valuer CA S Dehaleesan for pricing
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* Dedicated bank account to handle preferential issue proceeds
Sources: National Oxygen Limited Board Meeting Outcome