Australia-based mineral exploration company Legacy Iron Ore has announced that the Indian state-owned National Mineral Development Corporation (NMDC) has received approval from Australia's Foreign Investment Review Board (FIRB) regarding its takeover offer to subscribe for 50 percent of the issued equity of Legacy for A$18.89 million.
The takeover offer is also subject to the approval of Legacy shareholders, who will be asked to approve the subscription agreement at the extraordinary general meeting to be held on December 16, 2011.