Making a last minute submission on Tuesday morning just a little before the close of the bidding process, Malaysia’s IHH Healthcare Berhad improved its bid for Fortis Healthcare Limited’s (FHL) hospital chain with an offer of immediate equity infusion at a per share price of ₹175.

The new offer, submitted to the board of directors of Fortis, is higher than the company’s last one to infuse ₹650 crore through a preferential issue at ₹160/share made a week ago.

While the immediate equity infusion is non-binding, the subsequent one would be binding and subject to due diligence, the company clarified in its letter.

“The subsequent equity infusion shall be at a per share price not exceeding ₹175. For avoidance of doubt, this subsequent infusion will be subject to satisfactory completion of the due diligence and execution of mutually acceptable binding definitive documents,” the submission stated.

While the bidding process for FHL is now closed (the deadline was May 1, 12 noon) for all players, only Manipal and TPG consortium have time till May 6 now to improve their offer. Board meet on May 10The expert advisory committee (EAC), comprising Deepak Kapoor and Lalit Bhasin, will evaluate all the binding bids made for the company. The Fortis board will meet on May 10 to consider the recommendations of EAC.

Other companies that have made binding bids for FHL include KKR-backed Radiant Life Care, and Munjal and Burman family offices.

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