The consortium of Manipal Health Enterprises Private Ltd. and TPG Capital Advisors LLC made another revised offer to acquire Fortis Healthcare Ltd. just days after the Indian hospital chain accepted an investment offer made by the consortium of Hero Enterprise Investment Office and Burman Family Office.

The new offer values Fortis at 94.03 billion Indian rupees, or 180 rupees per share. The consortium had previously made an offer valuing Fortis at 83.58 billion rupees, or 160 rupees per share.

Recently, Fortis' board accepted the investment offer made by the Hero-Burman consortium, under which the latter will make an up-front equity investment of 8 billion rupees at 167 rupees per share. In addition, the consortium will further invest 10 billion rupees at 176 rupees per share through preferential issue of warrants.

Manipal said in a statement that the Hero-Burman offer fails to deliver any long-term benefits to Fortis and only partially solves the hospital chain's issues, including its payment obligation for the proposed acquisition of assets from RHT Health Trust for 46.50 billion rupees and the exit required to be provided by Fortis to the private equity investors in its medical diagnostics unit SRL Ltd.

Manipal said the new offer is valid until 11:59 p.m. Indian Standard Time on May 29.

As of May 11, US$1 was equivalent to 67.45 Indian rupees.