Temasek plan to sell stake in Tata Play delayed over firm’s valuation

Singapore state investor Temasek’s plan to sell its 10 per cent stake in Tata Play to its joint venture partner Tata Sons is delayed due to a valuation mismatch for the Indian satellite TV broadcaster, said banking sources.

Tata Sons is offering a lower valuation than $1 billion made for Tata Play, said the sources. Tata Sons has delayed listing the company after filing a confidential prospectus with the Securities and Exchange Board of India.

A Temasek spokesperson declined to comment. A Singapore-based source said the fund owned 10 per cent stake in Tata Play and not 20 per cent as reported earlier in a section of the media.