Fortis Healthcare today said Malaysia's IHH Healthcare Berhard has made a binding offer to immediately infuse Rs 650 crore in the company as part of its overall proposal to invest Rs 4,000 crore. In a regulatory filing, Fortis Healthcare said it has received an unsolicited binding offer from IHH Healthcare with a proposal to invest directly into the company. In a letter to the board of directors of Fortis, IHH Healthcare Berhad MD and Group CEO Tan See Leng said the binding proposal was for an immediate primary equity infusion of Rs 650 crore in Fortis Healthcare by way of a preferential issue and allotment of equity shares at Rs 160 per share. IHH has also demanded that it be given the right to appoint two directors on the board of Fortis. The Malaysian firm, however, said the binding offer is subject to it being allowed to do due diligence and receipt of relevant regulatory approvals. In his letter, Leng further said its non-binding offer would include investment of Rs 3,350 crore through a subsequent preferential issue and allotment of equity shares subject to satisfactory completion of due diligence at a share price not exceeding Rs 160 apiece. Earlier, IHH Healthcare had offered to acquire stake in the Indian firm at Rs 160 per share and also upped the ante by proposing to infuse Rs 4,000 crore through a preferential allotment of equity shares at a price not exceeding its offer share price. Hero Enterprise Investment and the Burman family yesterday also announced extension of the validity of their improved joint binding offer to invest Rs 1,500 crore in Fortis till May 4. The development followed the Fortis board forming an expert panel last week to evaluate binding offers and make the final recommendation by April 26. On April 18, Hero Enterprise Investment Office and Burman Family Office improved their binding offer with a proposal to invest Rs 1,500 crore directly at a valuation of Rs 161.6 per share, from the earlier Rs 1,250 crore. They had stated that their improved offer was valid for five working days. The advisory committee constituted by the Fortis board to oversee evaluation process and function as an advisor to the board is headed by Deepak Kapoor, former chairman and CEO of Price Waterhouse Coopers, India. The other members of the panel are Renuka Ramnath, former MD & CEO of ICICI Venture; and Lalit Bhasin, President, Society of Indian Law Firms & Managing Partner, Bhasin & Co. Malaysia's IHH Healthcare Bhd, Manipal Health Enterprises, Burmans and Munjals (jointly), Chinese firm Fosun Health Holdings and KKR-backed Radiant Life Care are in the race for buying Fortis. The troubled healthcare chain had received binding offers from Manipal\/TPG consortium, and Munjal and Burman family offices. It received non-binding expression of interests from Malaysia's IHH Healthcare Berhad, Chinese firm Fosun Health Holdings and KKR-backed Radiant Life Care. The Manipal\/TPG-led consortium had raised their offer for Fortis to Rs 155 per share by valuing the hospital business higher at Rs 6,061 crore from Rs 5,003 crore in its initial offer on March 27. Fortis Healthcare had also received an unsolicited non-binding expression of interest from Fosun Health Holdings, an arm of Fosun International, with a proposal of primary infusion at a price up to Rs 156 per share up to a total investment of USD 350 million (over Rs 2,295 crore). On the other hand, Radiant Life Care had offered to acquire at least 26 per cent stake in Fortis at Rs 126 per share, excluding its diagnostic business SRL.