Prudential PLC (LSE:PRU) topped the FTSE 100 on Wednesday afternoon, rising 7% after raising the possibility of spinning off its stake in Indian asset management business ICICI.
The Asia-focused financial giant said it is "evaluating a potential listing of ICICI Prudential Asset Management Company Ltd involving the partial divestment of its shares".
It said this would be "subject to market conditions, requisite approvals and other considerations".
If ICICI is spun off, the company said it intends to return the proceeds to shareholders.
Prudential holds a 49% stake in ICICI Prudential Asset Management, with local financial services giant ICICI Bank owning the rest.
"India is a strategically important market for Prudential with compelling growth prospects. We will continue to explore opportunities to grow our businesses in the market," Prudential added in conclusion.