Under the new bid, Rs500 crore will be infused through preferential allotment of equity shares and the balance Rs 1,000 crore through preferential issue of warrants.
Sunil Munjal of Hero Enterprise and Arvind, Mohit Burman of Dabur, who have jointly entered the fray to take control of Fortis Healthcare, on Thursday sweetened their offer and agreed to invest Rs 1,500 crore, an upward revision of Rs 250 crore from their previous offer.
The revised bid comes in the backdrop of Fortis board meet on Thursday that's expected to take a call on the four takeover offers.
Munjal and Burmans as part of the revised proposal will inject Rs 750 crore upfront to mitigate liquidity crunch as against Rs 500 crore earlier.
Under the new bid, Rs 500 crore will be infused through preferential allotment of equity shares and the balance Rs 1,000 crore through preferential issue of warrants.
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The preferential allotment of warrants for Rs 1,000 will be done at Rs 161.60 a share whereas preferential allotment of equity shares for 500 crore will be done at a price of Rs 156 a share.
Munjal and Burmans together hold around 3 percent stake have also said they are doing away with the due diligence clause.
Munjal and Burmans have also stated that they will support the acquisition of Religare Health Trust (RHT) with additional funding. Some of the Fortis hospital assets are held under RHT - which is listed on Singapore Stock Exchange.
Sunil Munjal in a press statement said their offer is simpler, more attractive and faster to implement and without any due diligence.
"We would like to reiterate that we are long-term investors who have a keen interest and affinity towards the Indian healthcare sector and this improved offer is a testimony to this,” Anand Burman said.
Munjal and Burmans however said that in case any other contender is allowed to conduct due diligence during the validity period, they would seek access to conduct due diligence as well. The revised offer, then, will be subject to the due diligence to their “satisfaction”.
The validity of the new offer will expire in the next five days.
The other offers that have been tabled before the Fortis board include those by Manipal-TPG consortium, IHH Healthcare and Fosun.
Fortis in an exchange announcement on Thursday said that it has received supplemental proposal from IHH ahead of its board meet.
The firm has submitted an unsolicited non-binding offer and agreed to infuse Rs 4,000 crore through preferential allotment of equity shares, capping the valuation at Rs 160 a share.
Shares of Fortis rose 1.28 percent and were trading at Rs 146.45 on BSE, the benchmark Sensex gained 0.28 percent to 34,426.83 points.