New Delhi, Dec. 12 -- IDBI Bank shares surged more than 4% on Friday, December 12, after reports indicated that Fairfax Financial and Kotak Mahindra Bank have emerged as the leading contenders to acquire a majority stake in the lender from the Government of India and the Life Insurance Corporation of India (LIC). As per media reports, both shortlisted bidders are expected to submit their financial offers by the end of December.

The government and LIC are jointly divesting a 60.72% stake in IDBI Bank, a block estimated to be worth nearly USD 7 billion at current valuations. Toronto-based Fairfax Financial-led by Indian-Canadian billionaire Prem Watsa-has reportedly been assessing an all-cash bid that aligns with IDBI Bank's prevailing mar...