KKR & Co. is in talks with advisers to sell its stake in Avendus Capital Ltd., valuing the financial services provider at more than $500 million, people familiar with the matter said.

The private equity titan is close to appointing two banks to manage the formal process for the transaction, the people said, asking not to be named as the information is not public. Other investors in the Mumbai-based firm might also join KKR in the deal, taking the stake for sale to about 80% of the company, they said, without providing specific details.

Talks are in the early stages and may not lead to an immediate transaction, the people said. A representative for KKR declined to comment, and a representative for Avendus didn’t immediately respond to an email.

KKR announced the purchase of a majority stake in Avendus in 2015 and agreed to invest more money in 2017, according to the company’s website. The Mumbai-based firm offers services, including investment banking, wealth management, structured lending, and alternative assets management.

Earlier this year, Avendus, helmed by Chief Executive Officer Gaurav Deepak announced that it would acquire the institutional equities business of Spark Capital to offer equity capital market services. The 23-year-old company started as a boutique investment bank advising technology companies in raising capital and acquisitions.

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