Acquirers launch Open Offer for Dolphin Medical Services Ltd, aiming to acquire 26% stake at ₹4.80 per share

Acquirers launch Open Offer for Dolphin Medical Services Ltd, aiming to acquire 26% stake at ₹4.80 per share​

The open offer for acquiring equity shares in Dolphin Medical Services Limited has been officially launched by a consortium of buyers, Mr. Amarandhar Reddy Kotha and Mr. Mallour Rajesh Kumar. The Acquirers have introduced the offer with the objective of acquiring a substantial stake and operational control over the Target Company.

The offer targets up to 39,25,988 fully paid-up Equity Shares, representing 26.00% of the Voting Equity Share Capital of Dolphin Medical Services Limited. The acquisition is being offered from the public shareholders at a fixed price of ₹4.80 per share, payable in cash.

The maximum consideration for acquiring all such shares has been set at ₹1,88,44,743/- (assuming full acceptance).

Offer Timeline and Financial Arrangements​

The tendering period for the Open Offer is slated to run from Friday, July 31, 2026, until Thursday, August 13, 2026. The Manager to the Offer, Rarever Financial Advisors Private Limited, is overseeing the process.

To ensure the commitment of the Acquirers, an Escrow Account has been opened with Axis Bank Limited. The Acquirers have deposited a total amount of ₹1,90,20,000.00 into this Escrow Account, which amounts to more than 100% of the maximum consideration payable for the offer.

The Acquirers stated that they possess adequate financial resources and have made firm financial arrangements from their own sources to fulfill all obligations of the Offer.

Background of the Companies and Acquisition Objectives​

Dolphin Medical Services Limited was incorporated in 1992 and is engaged in providing diagnostic and healthcare services, including radiology, pathology, and ophthalmic care. The company's Equity Shares are listed on BSE with Scrip Code '526504'. As per the latest shareholding pattern (as of June 30, 2026), the target company has a paid-up equity capital of ₹15,09,99,520/- corresponding to 1,50,99,952 Equity Shares.

The acquisition is intended by the Acquirers to secure management control over Dolphin Medical Services Limited upon successful completion of the open offer, and they plan to continue the existing business operations. Consequently, the Acquirers are expected to be classified as promoters of the Target Company after the Open Offer is completed.

Market Justification for Offer Price​

The offer price of ₹4.80/- per Equity Share was determined in line with industry regulations (Regulation 8(2) of SEBI (SAST) Regulations, 2011), being the highest among several valuation metrics.

Analysis of market activity leading up to the Public Announcement showed that the total number of equity shares traded during the twelve calendar months prior to the announcement was 21,51,784 out of a total listed share capital of 1,50,99,952, translating to a trading turnover of 14.25%.

Shareholding Structure and Acquirers' Status​

The Open Offer is triggered by the existing shareholding held by the Promoter Sellers, Mr. Gude Venkata Mohan Prasad and Mrs. Lakshmi Sudha Madala. The total pre-transaction holding from these two individuals amounts to 31,63,390 equity shares, or 20.95% of the voting share capital.

Upon completion of the Open Offer (assuming full acceptance), the Acquirers are projected to hold 70,89,378 Equity Shares, representing 46.95% of the Voting Share Capital of Dolphin Medical Services Limited.

A review of the Acquirers’ financial standing shows:

The Acquirers have confirmed that no person is acting in concert with them for the purposes of this Offer, and both individuals are declared to be promoters of the company upon completion of the transaction.

Stock Price Movement​

At the close of trade on Monday, Dolphin Medical Services Ltd. saw its shares dip by 4.95%, settling at ₹7.87. The stock traded during the session within an intraday range between a low of ₹7.87 and a high of ₹8.60.