Mumbai, Nov. 11 -- Shares of Tata Power Company Ltd's two Singapore-based subsidiaries are pledged with banks and unlikely to be seized immediately, the company said on Wednesday, moving to reassure investors following a Singapore High Court order directing their seizure to recover an arbitration award.

To sell the shares, the awardee-British Virgin Islands-based Kleros Capital-will first have to deal with the banks and appoint valuers, Tata Power managing director Praveer Sinha said on Wednesday evening, adding that the process could take 3-6 months.

Meanwhile, the company's appeal against the Singapore International Commercial Court (SICC) order will be heard in the country's Court of Appeal on 19 January, well before the share-sale p...