Mumbai/IBNS, July 14 -- Shares of IDBI Bank surged more than 4 percent on Tuesday after reports said the government had received revised financial bids from two foreign bidders for the sale of its stake in the public sector lender.

According to media reports, Fairfax Holdings and Emirates NBD have submitted revised bids to acquire the government's stake in IDBI Bank as the long-awaited privatisation process gathers pace.

A report by NDTV Profit said Fairfax Holdings' revised offer is closer to the reserve price set by the government, potentially strengthening its position in the bidding process.

The revised bids are expected to play a key role in determining the future ownership of the lender.

Investors will closely monitor further de...