Lecram has proposed 0.5 pence per Purplebricks share in cash, valuing the company at 153.4 million pounds ($193.61 million).

The Board does not "currently consider" that the bid shows any substantial improvement from its proposed sale to smaller rival, Strike Ltd last week.

On May 17, Purplebricks, once valued at more than $1 billion, had agreed to be bought by Strike for just one pound.

Purplebricks said Lecram's offer does not reflect improvement with regards to "anticipated return to shareholders and certainty for the Company's other stakeholders."

Stock closed 39.20% higher on Friday at 0.66 pence.

($1 = 0.7923 pounds)

(Reporting by Anchal Rana in Bengaluru; Additional reporting by Hani Kollathodi, Editing by Rashmi Aich)