Mr. Amarandhar Reddy Kotha and Mr. Mallour Rajesh Kumar have completed their acquisition of a 21.08% stake in Dolphin Medical Services Limited. The acquisition was primarily driven by a Share Purchase Agreement (SPA) rather than the mandated open offer, which saw minimal public participation.

The open offer to acquire 39,25,988 equity shares at ₹4.80 per share received only 18,000 tenders. This represents just 0.12% of the company's equity capital, significantly below the proposed 26% target. The total consideration for the accepted shares amounted to ₹86,400, compared to the proposed offer size of ₹1,88,44,743.

Acquisition Breakdown

The acquirers held a negligible 0.01% stake before the public announcement. The final stake accumulation is detailed below:

What the Numbers Show

The divergence between the proposed and actual open offer figures highlights that the change in control was pre-negotiated through the SPA. While the open offer was legally required to acquire 26% of the equity, the acquirers secured over 99% of their new stake through the private agreement. The public shareholders' holding remained largely unchanged, dropping marginally from 73.56% to 73.43% post-offer.

Post-Offer Shareholding Pattern

Following the transaction, the promoter group (including existing promoters) holds 26.57% of the equity. The public continues to hold the majority stake at 73.43%.

Rarever Financial Advisors Private Limited acted as the Manager to the Offer, while Integrated Registry Management Services Private Limited served as the Registrar. The payment for accepted shares was completed on August 21, 2026.

Mr. Amarandhar Reddy Kotha and Mr. Mallour Rajesh Kumar have initiated a mandatory open offer to acquire 39,25,988 equity shares, representing 26.00% of the voting capital of Dolphin Medical Services Limited, at a price of ₹4.80 per share. The offer, scheduled from July 09, 2026, to July 22, 2026, follows a Share Purchase Agreement (SPA) dated May 15, 2026, for the acquisition of control. The acquirers have agreed to purchase 31,63,390 shares representing 20.95% of the voting share capital from the existing promoters, Mr. Gude Venkata Mohan Prasad and Mrs. Lakshmi Sudha Madala, at a negotiated price of ₹1.80 per share.

The open offer is being made in compliance with Regulation 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Rarever Financial Advisors Private Limited has been appointed as the Manager to the Offer, while Integrated Registry Management Services Private Limited is the Registrar to the Offer. The acquirers have opened an escrow account with Axis Bank Limited and deposited ₹47,20,000, which is more than 25% of the total consideration payable under the offer, assuming full acceptance.

The offer price of ₹4.80 per share has been determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations, 2011, being the highest of the volume-weighted average market price for the 60 trading days preceding the public announcement. The maximum consideration payable by the acquirers, assuming full acceptance, aggregates to ₹1,88,44,743. The acquirers have certified that they have adequate financial resources to meet the obligations of the offer, funded through their own net worth without borrowings.

Offer Details

Background of the Offer

The offer is triggered by the acquisition of 31,63,390 shares from the promoter sellers, which will result in the acquirers obtaining control over the target company. Upon completion of the underlying transaction and the open offer, the acquirers will hold 70,89,378 equity shares, representing 46.95% of the voting share capital. The acquirers intend to continue the existing business operations of Dolphin Medical Services Limited, which is engaged in providing diagnostic and healthcare services.

The equity shares of the target company are listed on BSE with the symbol ‘DOLPHMED’. The trading in these shares is currently restricted to every Monday due to suspension for non-payment of ALF dues, though the company has filed for revocation. The offer is not subject to any minimum level of acceptance from public shareholders.