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.

Mr. Amarandhar Reddy Kotha and Mr. Mallour Rajesh Kumar have initiated a mandatory open offer to acquire up to 39,25,988 equity shares, representing a 26% stake, in Dolphin Medical Services Limited. The offer is priced at ₹4.80 per fully paid-up equity share, resulting in a total consideration of ₹1,88,44,743, payable in cash.

Rarever Financial Advisors Private Limited, the Manager to the Offer, has submitted a corrigendum to the Detailed Public Statement dated May 22, 2026. The corrigendum, issued on May 23, 2026, incorporates modifications to the details of the acquirers. Specifically, it updates the residential address and contact information for Acquirer 1, Mr. Amarandhar Reddy Kotha, and revises the list of companies where the acquirers hold directorship.

Offer Details and Financials

The open offer follows a Share Purchase Agreement (SPA) dated May 15, 2026, between the acquirers and the promoter sellers. Pursuant to the SPA, the acquirers are purchasing 31,63,390 equity shares, representing 20.95% of the voting share capital, at a negotiated price of ₹1.80 per share for an aggregate consideration of ₹56,94,102.

The offer is being made in accordance with Regulation 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The acquirers have opened an escrow account with Axis Bank Limited and deposited ₹47,20,000. The financial arrangements for the offer are being funded out of the acquirers' own net worth without borrowings from any bank or financial institution.

Target Company and Acquirers

Dolphin Medical Services Limited is engaged in providing diagnostic and healthcare services. For the financial year ended March 31, 2026, the company reported a total revenue of ₹78.69 lakh and a net profit of ₹4.19 lakh, compared to a net loss of ₹3.38 lakh in the previous year.

Mr. Amarandhar Reddy Kotha and Mr. Mallour Rajesh Kumar are the acquirers. They are inter-related as common directors of several entities, including Datacipher Education Services Private Limited and Airtree Ventures Private Limited. Upon completion of the offer, the acquirers will become the promoters of the target company.