Minority shareholders of Fortis Healthcare are having the last laugh with Gurugram-based hospital chain drawing more bidders. On Thursday, Munjals and Burmans made an investment offer of Rs 1,250 crore for 16% stake and a position of Board member in the debt-ridden, cash-starved Fortis, while Malaysian-IHH Healthcare Berhad made a beeline with a Rs 8,488 crore offer, marginally higher than the revised offer from TPG Capital-backed Manipal Healthcare Enterprises (MHE).

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IHH Healthcare's offer pegs Fortis Healthcare at Rs 160 per share as against revised offer of Rs 155 by MHE. MHE's initial offer was around Rs 135 per scrip.

The entry of new bidders has kicked up a perfect bidding war for Fortis, which is up for sale for last two years.

As the discussions were underway with MHE and other bidders for a long period, the valuation of Fortis had dropped from Rs 200 to as low as Rs 135 per share. Minority shareholders are now looking at an opportunity to get a better deal out of their investments.

Sunil Munjal's Hero Enterprise and Burman Family of Dabur already own around 3% stake in the healthcare network. For them, this is their third attempt to get into a dialogue with the healthcare company to infuse capital. The two offers made earlier was on July 19, 2017 and March 28, but on both the occasions there was no headway to take the offer forward.

As per their offer, Rs 500 crore would be invested immediately and the balance Rs 750 crore in three weeks subject to due diligence. The investment would be through preferential allotment route of 16% and a seat on the Board.

IHH Healthcare has meanwhile proposed a potential bid of as much as $1.3 billion (Rs 8,488 crore) for Fortis Healthcare that tops an offer from a TPG-backed consortium igniting a battle to buyout such a large network of hospitals in India, reported Bloomberg.

In an offer letter, IHH Healthcare said it may be willing to pay as much as Rs 160 per share to acquire control apart from requesting for time to update its due diligence before making a formal bid.

Munjal-Burman's offer "does not envisage any changes" to the current structure, operations and assets of Fortis Healthcare.

Share holders however believe that Munjal-Burman duo can either turn out to be a king-maker who may opt in favour of Dr Ranjan Pai or existing Fortis Healthcare's management or even the Malaysian hospital chain. There are some other shareholders who do not want to rule out the possibility of them playing spoilsport in the bidding battle.

IHH Healthcare did not respond to DNA Money's e-mails seeking details of the deal.

By Monday, Fortis Healthcare's management will have to finalise their stand on the three offers. Sources said it may not be a surprise if the board opts for a combination of two offers.

However, the bidding battle may continue for Fortis Healthcare. Sources said there may be more players who are sitting on the fence, watching the show only to jump in at an appropriate opportunity to participate in the latest bidding war.