KKR-backed Radiant also revises offer for Fortis after IHH bid

India’s Fortis Healthcare Ltd has received another revised offer from Radiant Life Care Private Ltd proposing to buy one of its hospitals in Mumbai immediately, as a five-way takeover battle for the hospital chain intensifies.

Radiant made a binding offer to purchase Fortis Mulund Hospital at an enterprise value of 12 billion rupees ($181 million), Fortis said in a filing that included Radiant’s offer letter.

The deal will provide immediate liquidity of 6.8 billion rupees for Fortis with no equity dilution for shareholders, Radiant said in the letter.

Radiant, which is backed by private equity firm KKR, made its offer last week to buy more than a quarter of the cash-strapped company’s hospital business.

Earlier on Tuesday, Malaysia’s IHH Healthcare Bhd revised its proposal for Fortis, making a binding proposal for about a fifth of its offer value.

The group’s revised offer proposes an immediate infusion of 6.50 billion rupees.

IHH plans to infuse the amount via a preferential issue and allotment of shares at 160 rupees per share for which it would be given the right to appoint two directors to Fortis’ board, IHH said.

The non-binding part of the proposal is for subsequent infusion of up to 33.50 billion rupees.

Earlier this month, IHH, one of Asia’s largest healthcare operators, said it was ready to infuse 40 billion rupees at up to 160 rupees per share.

Fortis, which confirmed the receipt of IHH’s revised offer, has received as many as five offers for control of its hospital business. Rival hospital operator Manipal Healthcare Enterprises Pvt Ltd and a consortium of two prominent Indian business families have submitted a binding bid and an investment offer, respectively.

China’s Fosun International and Radiant are the other suitors.