Legacy to Raise AU$25 Million Through Rights Issue

Legacy Iron Ore Ltd. (ASX:LCY), the Australian arm of India’s state-owned National Mineral Development Corporation, plans to raise AU$25 million by way of rights issue, Steel Guru reported via The Economic Times.

As quoted in the market news:

A senior official of the Ministry of Steel said that “NMDC is likely to spend AUD 12.5 million to acquire rights equivalent to its 49.6% stake in Legacy Iron Ore.”

Click here for the full Steel Guru article.

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