Fosun offers to invest up to $350 million in Fortis Healthcare

India’s Fortis Healthcare Ltd (FOHE.NS), the target of two rival takeover bids, received an unsolicited investment offer of up to $ 350 million from a unit of Chinese conglomerate Fosun International (0656.HK), the company said in a regulatory filing on Tuesday.

Fosun Healthcare in a letter to Fortis said it has offered up to 156 rupees ($ 2.38) per Fortis share and won’t hold more than 25 percent stake in the hospital and diagnostics chain.

Fosun has also offered a cash infusion of 1 billion rupees within the next 45 days, including the option of immediately subscribing to a convertible debt, if Fortis grants 30 days of exclusivity to negotiate the investment proposal.

Last week, Fortis had received an investment offer of 12.5 billion rupees from Hero Enterprise Investment Office and the Burman Family Office.

Hero Enterprise is an investment company formed by Sunil Munjal, founder of the country’s largest motorcycle maker Hero Group (HROM.NS). The Burman Family Office is the private investment arm of the family that owns consumer goods company Dabur India (DABU.NS).

Hero Enterprise and Burman, which own stakes in Fortis, said they had together tried unsuccessfully to discuss an acquisition of Fortis last month.

Fortis first became a target for takeover bids when local rival Manipal Health Enterprises made an offer of about $ 1.2 billion. It was followed by a $ 1.3 billion bid by Malaysia’s IHH Healthcare Bhd (IHHH.KL).

IHH, one of Asia’s largest healthcare operators, said Fortis Healthcare declined to engage with it on its offer.

Fortis’s board would meet on April 19 to “consider all options”, the company had said in a regulatory filing on Monday.