Fortis Healthcare Ltd said on Thursday it had received an improved binding offer worth ₹1,500 crore ($228.3 million) from Hero Enterprise Investment Office and Burman Family Office.
The proposal is higher than their last week's offer of ₹1,250 crore .
The consortium's proposal is to invest ₹500 crore via preferential issue of equity shares and ₹1,000 crore through issue of warrants, Fortis said in a statement.
Fortis, which runs about 30 hospitals across India, has become the target of a takeover battle, with Malaysia's IHH Healthcare Bhd, local rival Manipal Health Enterprises Pvt Ltd and China's Fosun International Ltd vying for the cash-strapped company.
Interview:We believe we are in a position to offer the best deal, says Munjal
The company's board is set to meet on Thursday to “consider all the options”, Fortis said.
Hero Enterprise is an investment company formed by Sunil Munjal, who belongs to the family that runs India's largest motorcycle company Hero Motocorp Ltd. The Burman Family Office is the private investment arm of the family that owns consumer goods company Dabur India Ltd.
Fortis shares jumped 3 per cent after the Munjals and Burmans combine raised the offer price.
Also read: Who will be the last one standing for Fortis?