India’s Fortis Healthcare had received an investment offer worth 12.5 billion rupees ($191.5 million) from Hero Enterprise Investment Office and the Burman Family Office.
In the new investment offer, the two firms said they were ready to pay 5 billion rupees in cash before any due diligence, and invest the remaining 7.5 billion rupees after the completion of due diligence within a period of three weeks.
The companies also said in a statement that the proposed infusion of funds not only addresses the immediate liquidity needs of Fortis, but also addresses its long-term growth requirements.
In April, Indian Manipal Hospitals offered 80.39 billion rupees ($1.23 billion) to acqire Fortis but offer was refused by the owner IHH Healthcare.