Aug 25 (Reuters) - Australia's Ramsay Health Care Ltd said on Thursday it received a "meaningfully inferior" alternate proposal from a group led by KKR & Co that would allow it to retain a 37% stake in its Paris-based unit Ramsay Generale De Sante.

Ramsay currently owns over 52% shares in the Paris-based Ramsay Generale De Sante (Ramsay Sante). If accepted, the alternate offer would give the consortium a 15% stake in the hospital operator, while Ramsay shareholders would retain the balance.

In April, the consortium comprising of private equity giant KKR and Australian pension fund HESTA, among others, made a cash offer of A$88.0 per share - valuing it at around $15 billion - and had been allowed due diligence on a non-exclusive basis.

However, that offer did not include any ordinary or special dividends being paid or declared by Ramsay, reducing the allure of the deal.

Under the alternate bid, Ramsay shareholders would be entitled to receive the full A$88 per share offer for the first 5,000 shares. After that, the consideration would be split into A$78.20 per share and 0.22 Ramsay Sante shares.

That implies a value of A$84.93 per share for holdings in excess of 5,000 shares excluding any dividends, the company said.

In either case, the cash amount of the offer would be reduced as both the offers do not include the value of any dividends or distributions paid or declared by Ramsay after January this year. Ramsay had, in February, declared an interim dividend of 48.5 Australian cents per share. (https://bit.ly/3ckSVJC)

"The Ramsay board has considered the alternative proposal and is unanimously of the view that it is meaningfully inferior to the consortium's indicative proposal of A$88.00 cash per share," the Sydney-based health care firm said.

KKR and HESTA did not immediately respond to Reuters' requests for comment.

(Reporting by Sameer Manekar in Bengaluru; Editing by Krishna Chandra Eluri)