It is also reported that Abrdn Plc may raise up to $313 million through its share sale.
Earlier in the day, in a separate block deal, Standard Life sold 1.3 percent stake in HDFC Life Insurance in a separate block deal.
The sale will be undertaken in two slots -- non-retail investors on May 3 and for retail investors next week.
In an interview to CNBC-TV18’s Shereen Bhan, Gerry Grimstone, Chairman of Standard Life from the side-lines of a conclave underway currently in New Delhi shared his bets on the Indian insurance market and the road ahead for them.
The draft of IPO papers did not mention anything about Max Life merger in any form.
British insurer Standard Life said on Monday that India's insurance watchdog had "expressed reservations" in accepting the current deal terms for the purchase by its Indian joint venture of Max Life Insurance.
FIPB today cleared Standard Life's proposal to stake in the insurance joint venture by 9 percent with HDFC for Rs 1,700 crore.
Suresh Prabhu, who had gone to London last week at the invitation of UK government, met Oliver Letwin, Chancellor of the Duchy of Lancaster and UK Minister in charge of cabinet affairs.
In August, the leading housing finance provider had announced that Standard Life will increase its stake in the JV, HDFC Life, to 35 percent from 26 percent, currently.
Industry stalwarts like David Fletcher of Bupa, Gerry Grimstone of Standard Life and Shashi Mukundan of British Petroleum shared their views on the strengthening India -United Kingdom business ties.
In an interview with CNBC-TV18, HDFC Vice Chairman and CEO Keki Mistry spoke about Standard Life's decision to up its stake in the company's insurance joint venture from existing 26 percent to 35 percent, at a price of Rs 95 per share.
Canada's Manulife Financial Corp and the Indian affiliate of Standard Life plc are among the suitors to place first-round bids for HSBC plc's Indian life insurance business, a stake valued at about USD 200 million, people familiar with the matter told Reuters.
Standard Life is back on the trail to list its Indian joint venture as the life insurance market recovers from a regulatory overhaul, and a flotation could come as soon as the second half of next year, according to bankers.
HDFC Standard Life Insurance Company, a leading Indian private insurer, expects to break even in fiscal 2012, helped by a rise in premium incomes and reduction in operating expenses, its Chief Executive Amitabh Chaudhry said on Wednesday.