PremjiInvest, the family office of Wipro Founder Azim Premji, is in advanced talks to acquire a majority stake in The Nainital Bank Limited, which is a subsidiary of the publicly owned Bank of Baroda Limited (NSEI:BANKBARODA), three people aware of the discussions said. The proposed investment is likely to value the Uttarakhand-based lender at around INR 8.00 billion, they added. ?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,? according to one person cited above. ?In the first tranche, around 51% shares will be sold and eventually the remaining ownership will be (divested),?

sources said. Public sector lender Bank of Baroda, which owns around 98% of Nainital Bank, is expected to divest its entire shareholding. Bank of Baroda did not respond to ET?s queries.

Premji Invest said it did not have any comments to offer.