(Reuters) - Blackstone on Monday raised its offer for Hipgnosis Songs Fund ( HPGSF ) by a cent to $1.31 per share, valuing the music rights owner of artists such as Shakira and Red Hot Chili Peppers at $1.58 billion.

The revised offer in part reflects "Hipgnosis incurring lower adviser fees in respect of the transaction than previously expected", the private equity fund said in a statement.

Blackstone, which won Hipgnosis's board backing for the deal in April, said the deal is expected to close by June 14.

Apollo-backed Concord terminated its proposed $1.51 billion offer for Hipgnosis last month.

(Reporting by Anchal Rana in Bengaluru; Editing by Mrigank Dhaniwala)