Standard Life (Mauritius Holdings) is planning to raise INR14bn ($202m) by selling around 36 million shares in India-based insurance joint venture (JV) HDFC Life Insurance.

The shares put on sale equates to Standard Life’s 1.78% stakes in the insurance JV, which was founded in 2000.

Currently, Standard Life owns 24.66% stake in the JV while Indian lender HDFC holds 51.48% stake.

Upon completion of the divestiture of shares through an offer for sale (OFS) to retail investors, Standard’s holding in the JV will shrink to 22.88%.

The sale of the shares will enable Standard Life to comply with the Securities and Exchange Board of India (SEBI) regulations to hold less than 25% shares in an Indian JV.

In a stock exchange filing, HDFC Life said: “The seller proposes to sell up to 3,60,00,000 equity shares on May 3, 2019 for non-retail investors only and on May 6, 2019 for retail investors and for non-retail investors who choose to carry forward their un-allotted bids.”

The floor price of the sale is INR390 ($5.92) per equity share.

Standard Life has appointed DSP Merril Lynch to serve as the broker for the sale.

In March, Standard Life offloaded a 4.93% stake in the life insurer to raise approximately INR36bn ($519.12m).

HDFC Life provides long-term life insurance solutions including individual and group insurance solutions such as protection, pension, savings, investment and health.