National Oxygen has received an approval to raise funds upto Rs 10 crore through rights issue to the existing equity shareholders of the company. The company has received an approval to raise funds at board meeting held on July 27, 2011. Further, the proposal to raise funds via right issue is subject to the approval of shareholders and compliance with other applicable laws and regulations.
The board has also approved to constitute a rights issue committee for the purpose of effecting all transaction relating to the proposed rights issue. The board took on record the appointment of Merchant Banker and Legal Advisor made for the rights issue and also authorised joint managing director to appoint the other agencies for the purpose of the proposed Rights Issue.
National Oxygen is a leading producer and supplier of Industrial gases both in liquid and gaseous forms with well established business relationship with their clients over the last three decades in this business.