New Delhi, April 29 -- Everstone Capital, which operates the master franchise of Subway restaurants in India, is looking to sell some of its stake in the fast food chain's local operations as part of a $100 million fund raising, three people familiar with the matter said.

Eversub India Pvt. Ltd, which operates the Subway outlets, has appointed Lodha Capital Markets to help with the process, the people said on the condition of anonymity, adding discussions to bring in new investors are under way.

The Subway fund raising will be a mix of primary and secondary shares, the people said. "While Everstone will offload some of its stake in Subway in tranches, it will hold till the company taps public markets in India over the next two years," o...