Fortis Healthcare announced on Friday that it has accepted an offer from Malaysia’s IHH Healthcare Berhad to invest Rs 4,000 crore at Rs 170 per share.

The bid offers around a 20% premium to the Fortis’ market price as on Thursday. IHH will make a mandatory offer for Fortis’ public shareholders for 26% of the outstanding shares post-issuance, PTI reported.

IHH said that it expects the bid to be completed in the fourth quarter of the financial year, according to Reuters.

There were five contenders in the fray to invest in the cash-strapped Fortis: Manipal Group, backed by global investment firm TPG, Malaysia’s IHH Healthcare Berhad, Chinese investor Fosun International, Mumbai-based hospital Radiant Life, which was backed by global private equity firm KKR, and a consortium of Indian business families – the Munjals of Hero Enterprise and Burmans who own Dabur.

On July 3, the company had received two binding proposals from IHH and the Manipal Group but the rest backed out.

The proposal “provides for refinance of debt to the extent of Rs 2,500 crore”, Fortis said, according to PTI. The company said it approved IHH’s offer after taking into account the recommendations of its financial and legal advisors.

“The IHH proposal offers a more strategically and financially compelling proposition along with simplicity and certainty,” Fortis Healthcare Chairman Ravi Rajagopal said. “The release of the Audited FY 2018 financial statements was a key milestone in underpinning the overall success of the transaction.”