FIPB puts on hold ChrysCaps equity plans in NIIT

IRIS

The Foreign Investment Promotion Board (FIPB) has put on hold the proposal of Mauritius-based venture fund ChrysCapital looking to pick up to 15 per cent through the secondary market in Delhi-based IT company NIIT. The board deferred the proposal as ChryCapital is yet to furnish the approval of NIIT for the deal.

NIIT`s internal investment committee is scrutinising the valuation of the 15 per cent stake and whether post-acquisition (if it happens) the FII investment limit would touch 48 per cent from the present 33.15 per cent.