Of the Rs 1,250 crore - Munjal and Burmans have offered to invest Rs 500 crore immediately, and Rs 750 crore post due diligence to be completed within three weeks.
In a regulatory filing on Friday, Fortis Healthcare (FHL) said it has received an unsolicited non-binding expression of interest from IHH Healthcare Berhad for possible due diligence and participation with the company.
"As part of the proposal, IHH will work with the board and the management of the company to identify optimal financing solutions to enable the company to fulfil its commitments during the challenging phase and stay afloat", the proposal said.More news: Shark attacks surfer in Western Australia
Fortis separately on Thursday received an investment offer worth 12.5 billion rupees ($191.5 million) from two Indian investors - Sunil Munjal's Hero Enterprise and the Burman Family Office, the private investment arm of the family that owns consumer goods firm Dabur India.
According to their offer, the allotment and pricing would be in accordance with SEBI guidelines for preferential shares or ₹ 156 per share, whichever is higher.
Shares of FORTIS HEALTHCARE LTD. was last trading in BSE at Rs.151.95 as compared to the previous close of Rs. 153.8.
The competing proposals are the latest twist in the Fortis saga, with India's fraud watchdog and stock regulator probing the firm after Bloomberg News reported its founders took out at least 5 billion rupees without board approval. If Fortis board rejects the approach, IHH will consider taking its offer directly to the company's shareholders, according to the people.More news: Britain denies Russian claims that it staged Syria chemical attack
Both Hero group and Dabur India which are now having three per cent stake in Fortis Healthcare intend to invest Rs 1,250 crore in two tranches.
Manipal's controlling shareholder Ranjan Pai on Wednesday said the reason he was not buying Fortis outright was because of the potential liabilities posed by the investigations.
While seeking a due diligence of Fortis on its financial position of up to December 2017, Leng said Fortis' recent agreement with Manipal Healthcare and TPG Capital for a transaction involved various complex steps over a prolonged period.More news: Kathua rape and murder: BJP ministers exit Jammu and Kashmir government