Private equity company Everstone is set to sell its entire 11.26% holding in Restaurant Brands Asia (RBA), the Burger King franchisee for India and Indonesia, Reuters reported.

Two people familiar with the matter told the news agency that the divestment forms part of a broader deal that is expected to bring a new strategic investor to RBA.

However, Everstone and Restaurant Brands Asia did not immediately respond to Reuters’ requests for comment.

One of the sources said the incoming investor is the family office of the founders of Ajanta Pharma in India, which also operates other restaurant businesses.

The source added that the family office is expected to inject up to Rs8bn ($88m) into RBA as part of the proposed deal.

The size of the stake that Ajanta is planning to acquire was not immediately clear. However, the source said it may eventually seek a majority holding as other shareholders sell down their positions.

RBA informed Indian stock exchanges last week that it would convene a board meeting tomorrow (20 January 2026) to “consider and evaluate raising of funds”.

The company did not provide additional details on the potential fundraising.

Notably, local media reports indicated last year that Everstone Capital had revived efforts to sell its stake in RBA. The private equity company holds its stake in RBA through its entity QSR Asia.

RBA has a market capitalisation of $437m in Mumbai, India.