To stay in the race for a stake in Fortis Healthcare, Malaysia’s IHH Healthcare Bhd revised its offer for the Indian hospital chain on Tuesday, making a binding offer to infuse ₹650 crore through a preferential issue at ₹160 per share.

The revised offer comes after the Fortis board decided last week to consider only proposals that were binding, and disregard ones that were tied to due diligence.

“This binding commitment for immediate equity infusion is subject to confirmation by the company that IHH will be given immediate access to carry out a legal and financial due diligence…for the purposes of evaluating the subsequent equity infusion,” said the IHH offer, which was submitted to the Board of Directors of Fortis.

IHH’s previous offer was non-binding as the company wanted to carry out a due diligence before investing.

In addition to the ₹650-crore offer, IHH has made a non-binding offer of ₹3,350 crore, subject to completion of due diligence. This takes the total to ₹4,000 crore, the value proposed in the previous offer.

“The revised IHH proposal must be considered in its entirety…and cannot be evaluated or accepted in part or accepted together or in conjunction with one or more competing investment proposals,” the offer document said.

Also in the race for Fortis are Manipal Health Enterprise Pvt Ltd and the Burman and Munjal families, which have both made binding bids. On Tuesday, Fortis said it had received an “unsolicited non-binding expression of interest” from Radiant Life Care Private Limited.

Fortis Healthcare, which is facing multiple probes, received a big setback a few months ago when the Delhi High Court ruled in favour of Japanese pharmaceutical company Daiichi Sankyo and allowed it to collect ₹3,500 crore from promoters Malvinder Singh and Shivinder Singh.

Meanwhile, small investors are still raising questions about the process.

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