Delhi:Meeting up with the competition, Manipal Health Enterprises (MHE) that is backed by TPG Capital came up with a revised offer to buy out Fortis Healthcare. On Tuesday, Fortis Healthcare had received two revised bids from Radiant Life Care and IHH Healthcare and MHE’s being the third.

As per the proposal, the premium offered to the shareholders has been increased from the earlier Rs 1,058 crore to Rs 1,319 crore, thereby the valuation of Fortis Healthcare’s hospital business coming to Rs 6,322 crore. The earlier two proposals had an equity valuation of Rs 5,003 crore and Rs 6,061 crore.

The other condition of the offer is purchase of 5% stake of SRL from PE investors for Rs 1,113.4 crore in lieu of 51% voting rights in SRL with Fortis Healthcare. MHE has also sought “limited veto rights in relation to certain key matters pertaining to SRL.”

The latest proposal has also offered “financial assistance of up to Rs 750 crore” either by way of debt financing of by way of guarantees/ comfort letters to lenders of Fortis Healthcare so that an immediate liquidity can be provided to the stressed healthcare company.

In fact, MHE has “already initiated discussions with potential lenders and have received an in principle approval from ICICI Bank to provide the necessary facilities to Fortis Healthcare and its group companies;” reads the offer letter.

This binding offer is valid till Saturday and comes a day before the advisory committee set up by Fortis Healthcare’s management is to finalise the scrutiny and analysis of the two offers it had in hand – the second offer by MHE and Rs 1,500 crore offer from Munjal-Burman duo. The panel will submit its recommendation report to the board.

The Board of Fortis Healthcare is scheduled to meet on Thursday to select the offer they find workable.