NMDC Update by Epic Research

NMDC may spend nearly AUD 12.1 million to subscribe a rights issue planned by its Australian arm Legacy Iron Ore. Legacy reportedly is planning to raise AUD 25 million by way of rights issue and the Indian miner -NMDC- as majority shareholder is expected to acquire shares under the ‘entitlement offer’ equivalent to its 48.8% stake. However, NMDC’s participation under the entitlement offer is subject to approval from the Foreign Investment Review Board (FIRB).



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Posted in: Indian Market Tips