Norwest Venture Partners, a U.S. based multi-stage investment firm, has agreed to pick up 2.11 per cent stake in the National Stock Exchange (NSE) from IL&FS Securities Services for Rs 250 crore, valuing the exchange at Rs 11,848 crore.

Confirming the transaction, a senior official has informed that latest investment has been made under the FII (foreign institutional investor) category, as the NSE has already reached the 26% foreign direct investment (FDI) limit in stock exchanges.

Under the current norms, a stock exchange may divest up to 49% to foreign investors. This includes up to 26% FDI and another 23% FII investment.

It should be noted that in 2007, NSE had made a strategic sale of 20% stake for $490 million to four foreign investors – New York Stock Exchange, Goldman Sachs, General Atlantic and Softbank Asian Infrastructure Fund of Hong Kong – who picked up 5 per cent stake each.