MUMBAI, April 19 (Reuters) - Indian mortgage lender HousingDevelopment Finance Corp said on Tuesday it plans tolist up to 10 percent of its life insurance joint venture withBritain's Standard Life Plc in an initial public offering(IPO).
The Indian lender owned 61.63 percent of the joint venture,HDFC Life, as of the end of March, it said in a filing to Indianstock exchanges.
British insurer Standard Life said in a separate filing itdid not plan to sell any shares as part of the IPO. It owns 26percent of the joint venture and is in the process of raisingits stake to 35 percent.
HDFC Life's board has approved taking steps to begin theprocess of an IPO, HDFC said, without giving a timeline. Bankingsources have previously said an IPO could raise more than $300million. (Reporting by Devidutta Tripathy; editing by David Clarke)