The Edinburgh-based Standard Life holds 35 percent stake in HDFC Life, in which HDFC owns 61.63 percent. For HDFC, this will be the second merger announcement this month after HDFC Ergo General Insurance announced takeover of 100 percent stake in L&T General Insurance. Owing to the Max deal, which would involve swap of shares without any cash changing hands, HDFC Life has put on hold its proposed IPO.