NMDC gets Australian Board nod for Legacy Iron investment.

The Foreign Investment Review Board of Australia has given a green signal to NMDC Limited to participate in a rights issue launched by Legacy Iron Ore Limited, the Oz arm of the state-owned miner.

According to a filing with Australian Securities and Exchange (ASX), Legacy said the FIRB approval paves way for the Indian miner to invest up to AUD12.1 million in the entitlement offer that is currently under way.

'FIRB has advised NMDC that there are no objections to the proposed investment of approximately AUD12.1 million by NMDC under the Entitlement Offer, enabling NMDC to subscribe for their full entitlement. The granting of FIRB approval is a significant milestone under the Entitlement Offer, as it was the only remaining condition for NMDC to subscribe for their full entitlement,' Legacy said.

The Australian mineral and metals explorer launched 'a 3-for-1 pro rata non-renounceable entitlement offer' to its shareholders.

HBL