Standard Life (Mauritius Holdings) has announced plans to divest up to 4.93% stake in Indian insurance joint venture (JV) HDFC Life Insurance Company in a deal valued at around INR35.7bn ($512.2m).

In a BSE filing, the company said that it will offload up to 70,000,000 equity shares, representing a 3.47% stake, to non-retail investors only.

Further, the company said that it will sell up to 29,500,000 equity shares, representing a 1.46% stake to retail investors and non-retail investors who choose to carry forward their un-allotted bids.

Currently, Standard Life owns a 29.2% stake in the life insurance JV, while HDFC holds a 51.5% stake. If the plan moves ahead, Standard Life’s stake in the JV will reduce to 24.27%.

Standard Life is required to comply with the public shareholding norm before November 2020 which has been mandated by the market regulator Securities and Exchange Board of India (SEBI).

HDFC Life was founded in 2000. The company manages 413 branches and additional distribution touch-points through several new tie-ups and collaborations including 163 bancassurance partners and 26 partnerships within non-traditional ecosystems.

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By GlobalData

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