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The stock of Gujarat Gas is likely to be in action in the coming weeks. The announcement of stake sale by promoter BG Group, which holds slightly more than 65 per cent in the company, has reportedly invited initial non-binding bids from 6 to 7 players. The preliminary bidding process, in which leading Indian oil and gas players are said to have participated, was completed early last week. The coming weeks may see the shortlisting of the bids. Market grapevine suggests that the some of the bids may have been at a good premium to the stock's market price. A good price, if it materialises, will also benefit minority shareholders, with the acceptance ratio likely to be in excess of 75 per cent. However, the sharp dip in the stock price in Friday's trade after a steady climb over the preceding fortnight also suggests bets against a good price for the BG stake sale.
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