Standard Life Mauritius is set to sell 3.47 per cent stake in HDFC Life Insurance through an offer-for-sale.

Standard Life (Mauritius Holdings) 2006 Ltd is one of the promoters of the private sector insurer with 29.23 per cent stake as on December 31, 2018. “We hereby notify that the seller proposes to sell up to seven crore equity shares (representing 3.47 per cent of the total issued and paid-up equity share capital of the company) on March 12, and on March 13,” HDFC Life said in a regulatory filing on Monday.

It can sell 2.95 crore more shares as part of the transaction. At a floor price of ₹ 357.5 apiece, the stake-sale could fetch as much as ₹3,500 crore (including the green shoe option). The OFS will be open for non-retail investors on Tuesday and for retail investors on March 13.

Significantly, the insurer had changed its name from HDFC Standard Life Insurance to HDFC Life Insurance in January this year.

Shares of the insurer fell 0.51 per cent and closed at ₹ 389.80 apiece on BSE on Monday. The insurer had come out with an IPO in November 2017, which comprised a 9.55 per cent stake sale of HDFC and 5.42 per cent holding of Standard Life.