NMDC is likely to arrange loan facilities for Australian $3 million through lenders and decided not to invest in the rights issue of its Australian subsidiary, Legacy Iron Ore. The company has taken this decision after considering the current conversion rate, which is A$1 = Rs 58. Participation in the rights issue would have resulted into an approximate outgo of Rs 7.25 crore.
NMDC, India's top ore miner, accounts for about 15 per cent of iron ore mined in the country, with annual production capacity of 30 million tonnes.
