Reuters reported that private equity firm Everstone is preparing to sell its full 11.26% holding in Restaurant Brands Asia, the operator of Burger King in India and Indonesia.
Two sources familiar with the matter told Reuters the sale is part of a larger transaction expected to introduce a new strategic investor to RBA.
Everstone and Restaurant Brands Asia have not yet responded to Reuters' requests for comment.
One source identified the incoming investor as the family office of Ajanta Pharma's founders in India, which also runs other restaurant operations.
The source added that the family office is anticipated to inject up to Rs8 billion, equivalent to $88 million, into RBA as part of the proposed deal.
It remains unclear how much of a stake Ajanta intends to acquire initially. However, the source noted it may eventually pursue a majority holding as other shareholders reduce their positions.
Last week, RBA informed Indian stock exchanges it would hold a board meeting on January 20, 2026, to consider and evaluate raising funds.
The company provided no further details about the potential fundraising.
Local media reports last year indicated Everstone Capital had renewed efforts to sell its stake in RBA. Everstone holds its stake through its entity QSR Asia.
RBA has a market capitalization of $437 million on the Mumbai stock exchange.