Indian mortgage lender Housing Development Finance Corp said on Tuesday it plans to list up to 10 percent of its life insurance joint venture with Britain'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 Indian stock exchanges.

British insurer Standard Life said in a separate filing it did not plan to sell any shares as part of the IPO. It owns 26 percent of the joint venture and is in the process of raising its stake to 35 percent.

HDFC Life's board has approved taking steps to begin the process of an IPO, HDFC said, without giving a timeline. Banking sources have previously said an IPO could raise more than $300 million.