Everstone Capital, a private equity firm, is currently in discussions to sell its approximately 41% stake in Restaurant Brands Asia Ltd, the master franchisee of Burger King in India and Indonesia.

Everstone Capital, through its investment vehicle QSR Asia Pte Ltd, held a 40.9% stake in Restaurant Brands as of March 31. The stake was valued at Rs 2,168 crore based on the stock’s closing price on Wednesday.

The news of the potential stake sale led to a surge in the stock price of Restaurant Brands Asia on Thursday. The stock hit a 20% upper circuit, reaching Rs 128.4 and went on to close 14.27% higher at Rs 122.50.

Reports indicate that Everstone is in talks with Jubilant Foodworks, the operator of Domino’s in India, as well as a consortium of private equity firms, Advent International and General Atlantic. Jubilant Foodworks reportedly discussed the bid submission during its board meeting on Wednesday, where the company also announced its financial results for the March quarter.

Revenue from operations of the company grew by nearly 29%, amounting to Rs 514 crore, as the company opened numerous new restaurants to enter new cities and compete in the market. Despite the revenue growth, the rise in total expenses offset the positive performance, dampening the company’s overall financial results.

It reported a wider fourth-quarter loss due to increased expenses related to ingredient costs and expansion efforts. The company’s consolidated net loss for the quarter that ended on March 31 expanded to Rs 73.37 crore compared to Rs 67.07 crore in the previous year.