Private equity firm Everstone Capital is set to sell its entire 11.26 per cent stake in Restaurant Brands Asia (RBA), the master franchisee of Burger King in India and Indonesia, people with direct knowledge of the matter said. The transaction is expected to be announced on Tuesday.
Everstone holds its stake through its investment vehicle QSR Asia Pte Ltd. Based on Refinitiv data, the stake is currently valued at around $57 million. Restaurant Brands Asia has a market capitalization of approximately $437 million on the Mumbai stock exchange.
As part of the transaction, Restaurant Brands Asia is expected to onboard a new strategic investor. According to the sources, the family office of the founders of Ajanta Pharma is poised to step in as the incoming investor. The family office, which also has interests in other restaurant businesses, could inject up to ₹8 billion (about $88 million) into the company.
While the exact size of the stake to be acquired by the Ajanta Pharma family office is yet to be finalized, one of the sources said it is evaluating the possibility of eventually acquiring a majority stake as other shareholders exit over time.
Everstone Capital and Restaurant Brands Asia did not respond to Reuters’ requests for comment. Representatives of the Ajanta Pharma family office also declined to comment.
Last week, Restaurant Brands Asia informed Indian stock exchanges that its board would meet on Tuesday to “consider and evaluate raising of funds,” without providing further details. The proposed stake sale and capital infusion align with this disclosure, sources said.
Restaurant Brands Asia operates Burger King outlets across India and Indonesia and has been expanding aggressively in a highly competitive quick-service restaurant market. The potential change in shareholding comes at a time when the company continues to invest in store expansion, supply chain capabilities and brand building across its key markets.