According to reports, Premji Invest, the family office of Wipro founder Azim Premji, is in advanced talks to acquire a majority stake in Nainital Bank, which is a subsidiary of the publicly owned Bank of Baroda.

The planned investment is probably worth about Rs 800 crore for the lender based in Uttarakhand.

Premji Invest has signed a term sheet and the due diligence process is over. However, the final decision is yet to be made on the acquisition, as per reports.

Approximately 51 percent of the shares will be sold in the first tranche, and subsequently, the remaining ownership will be (divested).

With more than $10 billion in assets under control, the billionaire Wipro's investment division is among the most active domestic investors in the Indian startup and technology sectors. Among many other companies, it owns sizeable shares in the insurance marketplace Policybazaar, the retailer of eyewear Lenskart, and the credit company Kreditbee.

Although Premji Invest has stakes in ICICI Prudential Life, TVS Credit, a non-banking finance company, and FSS, a payment infrastructure company, this will be the company's first bank investment.

Fintech Slice, based in Bengaluru, received regulatory approval last year to combine with Northeast Small Finance Bank. In another development, BharatPe and leading financial services company Centrum partnered to acquire a 49 percent stake in Unity Small Finance Bank.

When it came to the Nainital Bank divestment plan, the RBI was eager to have a tech-first participant on board.

That was done to force the lender to undergo a tech makeover. Several other fintech companies and investors were also competing to acquire the share for sale.