Standard Life (Mauritius Holdings) will be off-loading 1.78 percent stake in HDFC Life Insurance Company for Rs 1,404 crore beginning Friday.

The stake sale will be made in two slots, the first one being non-retail investors on Friday and to the retail investors in the coming week.

In regulatory filing on Thursday, HDFC Life Insurance said that the sale is being undertaken by Standard Life (Mauritius Holdings) to achieve the minimum public shareholding in the company as per SEBI (Securities and Exchange Board of India) regulations.

"The seller proposes to sell up to 3,60,00,000 equity shares (representing 1.78% of the total issued and paid-up equity share capital of the company) 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," it said.

The floor price of the sale is Rs 390 per equity share and DSP Merril Lynch is the broker for the sale process on behalf of Standard Life.

HDFC Life Insurance Company Limited (formerly known Standard Life Insurance Company Limited) is promoted by mortgage lender HDFC Ltd that holds 51.48 percent stake and Standard Life (Mauritius Holdings) 2006 Ltd with 24.66 percent stake.

Shares of HDFC Life Insurance Company Ltd were trading lower by 2.27 percent on Friday morning at Rs 407.75 apiece on NSE. The stock closed a little over 3.19 percent lower at Rs 417.20 on Thursday.