Standard Life (Mauritius Holdings) 2006 Ltd., a unit of U.K.'s Standard Life Aberdeen PLC, intends to sell up to 99.5 million shares in India-based HDFC Life Insurance Co. Ltd. for 357.5 rupees per share.

The company is looking to sell 70 million shares and an additional 29.5 million shares if the offering is oversubscribed. The shares represent 4.93% of HDFC Life's total issued shares. After the sale, the Standard Life unit's stake in the Indian insurer would be 24.3%.

The offer will open and close March 12 for nonretail investors and March 13 for retail investors, as well as nonretail investors who opt to carry forward their bids.

Net of taxes and expenses, the Standard Life subsidiary expects to receive about 35.3 billion rupees from the sale, if the oversubscribed options kicks in.

As of March 11, US$1 is equivalent to 69.9 Indian rupees.