The new offer values Fortis' hospital business at ₹6,061 crore or ₹116 a share.
IHH is the world's second-largest provider of integrated healthcare services in terms of market cap (around $13 billion), and is the largest private healthcare provider in Asia. The Fortis Healthcare is said to have only Rs 700 million in liquid cash.
Spelling out the details of their offer, the Munjals and Burmans in a joint letter said, "We are investing an amount of Rs 500 crore based on current business and financial position of the company without doing any due diligence".
Manipal, the first one to throw the hat, has revised its offer from Rs140 per share to Rs155 per share.
Meanwhile, on Thursday it had received an unsolicited binding offer jointly from Sunil Munjal of Hero and Burmans of Dabur to invest Rs 1,250 crore directly into the company through a preferential allotment. The proposal, which is subject to certain conditions, includes an immediate investment of 5 billion rupees and 7.5 billion rupees after diligence is completed within three weeks.
Salah hits 40 goal mark as Liverpool beat Bournemouth in Premier League
Liverpool reached 300 goals under manager Jurgen Klopp for victory over Bournemouth . It's all about him and all about us, how we finish the season.
Fortis shares gained 4.17 per cent to end at Rs 153.80 on the BSE on Thursday.
They are entering the fray as founders Malvinder Singh and Shivinder Singh were unable to repay loans and lost Fortis shares put up as collateral.
IHH, which wants to work with Fortis on a friendly offer, has asked the board for time to update its due diligence before making a formal bid, the report added.
Commenting on the implementation agreement FHL has got into with MHEL and TPG Capital, IHH noted that the transaction involved various complex steps over a prolonged period. If Fortis board rejects the approach, IHH will consider taking its offer directly to the company's shareholders, according to the people.
Manipal's controlling shareholder Ranjan Pai said in an interview Wednesday the reason he was not buying Fortis outright was because of the potential liabilities posed by the investigations.