Standard Life (Mauritius Holdings) will off-load 1.78 per cent stake in HDFC Life Insurance Co for Rs 1,404 crore beginning Friday.

The sale will be undertaken in two slots -- non-retail investors on Friday and for retail investors next week.

The sale is being undertaken by the seller -- Standard Life (Mauritius Holdings) -- to achieve the minimum public shareholding in the company as per Sebi regulations, HDFC Life Insurance said in a regulatory filing.

"The seller proposes to sell up to 3,60,00,000 equity shares (representing 1.78 per cent 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.

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 (51.48 per cent) and Standard Life (Mauritius Holdings) 2006 Ltd (24.66 per cent).

Shares of HDFC Life closed 3.19 per cent down at Rs 417 apiece on the BSE.