Standard Life Mauritius is set to sell another 1.78 per cent stake in HDFC Life Insurance worth  ₹1,400 crore starting on Friday.

“Standard Life (Mauritius Holdings) ... proposed offer-for-sale up to 3.6 crore equity shares (representing 1.78 per cent of the total issued and paid-up equity share capital of HDFC Life Insurance Company),” HDFC Life Insurance said in a regulatory filing on Thursday.

The OFS will be open for institutional investors on Friday and for retail investors on May 6. At a floor price of ₹390 apiece, the share-sale can yield as much as ₹1,404 crore.

Standard Life had, in March this year,  sold 3.47 per cent of its stake in the private sector insurer after offloading 5.42 per cent holding in the initial public offering in November 2017.

As on March 31, HDFC holds 51.48 per cent stake in the private sector insurer, while Standard Life has 24.66 per cent equity.

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

The company’s scrip gained 3.19 per cent on the BSE and closed at ₹417 apiece.