Edinburgh-based Standard Life said its Indian joint venture HDFC Life plans to have an initial public offering (IPO) of up to 10% of its shares.

Standard Life has a 26% shareholding in HDFC Life and is in the process of increasing its stake to 35%.

Standard Life said it has no intention to dispose of its shares in HDFC Life as part of the IPO.

Banking sources have previously said an IPO could raise more than $300 million, according to Reuters.