Fortis Healthcare Ltd said on Thursday it had received an improved binding offer worth 15 billion rupees ($228.3 million) from Hero Enterprise Investment Office and Burman Family Office.
The proposal is higher than their last week's offer of 12.5 billion rupees.
The consortium's proposal is to invest 5 billion rupees via preferential issue of equity shares and 10 billion rupees through issue of warrants, Fortis said in a statement.
Fortis, which runs about 30 hospitals across India, has become the target of a takeover battle, with Malaysia's IHH Healthcare Bhd, local rival Manipal Health Enterprises Pvt Ltd and China's Fosun International Ltd vying for the cash-strapped company.
The company's board is set to meet on Thursday to "consider all the options", Fortis said.
Hero Enterprise is an investment company formed by Sunil Munjal, who belongs to the family that runs India's largest motorcycle company Hero Motocorp Ltd. The Burman Family Office is the private investment arm of the family that owns consumer goods company Dabur India Ltd.
Fortis shares rose 1 percent in early trading.