What's the best way to ask for retention hike to your manager?

I have 14 lpa CTC and have got 22 lpa CTC offer from another company. All is good at my current company expect the CTC part, and i would like to stay here if my company provides with a retention hike. What should be the best way to put this up with my manager?

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After putting resignation they will be scheduling a review meeting in that meeting you can say ,'I don't have any concern ,only according to my research and current market conditions ,I am underpaid & to know the market conditions I have given the interview if my salary is revised according to current market I will definitely stay here '

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Thanks, Will definitely ctrl c ctrl v this!

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