A host of private equity investors led by the US-based Pequot Ventures is set to pick up 30 per cent stake in the C. Sivasankaran-promoted Aircel for $350 million. The other funds that are likely to join Pequot include US-based investors like Henderson, Blackstone, AMP and IL&FS. According to sources, Pequot is on the verge of signing an agreement with Aircel. In the first phase, the funds would bring in $200 million, while another $150 million would be pumped in in the second phase. The promoters, who currently hold 100 per cent equity in the company, will dilute their stake by up to 30 per cent by the end of the second round, which is expected to be complete in about a month. IL&FS and Edelweiss have acted as syndicators.
