Dolphin Medical Services Launches Open Offer for 26% Stake to Public Shareholders
Dolphin Medical Services Ltd has announced a mandatory Open Offer, triggered by the acquisition of a substantial stake, through a transaction governed by Regulation 4 of the SEBI (SAST) Regulations, 2011. The offer aims to acquire equity shares from the company's public shareholders.The Open Offer is being made by Mr. Amarandhar Reddy Kotha (Acquirer 1) and Mr. Mallour Rajesh Kumar (Acquirer 2), collectively referred to as the Acquirers.
Offer Details and Consideration
The Acquirers propose to acquire up to 39,25,988 fully paid-up Equity Shares of Dolphin Medical Services Limited. These shares represent 26.00% of the Target Company's total Voting Capital.The offer details are as follows:
- Offer Price: ₹ 4.80 per Offer Share.
- Payment Method: Cash.
- Total Consideration (Offer Size): ₹ 1,88,44,743/- (assuming full acceptance).
The Open Offer for the acquisition of Equity Shares commenced on Thursday, July 09, 2026, and is scheduled to close on Wednesday, July 22, 2026.
Financial Arrangements
To ensure the successful completion of the transaction, the Acquirers established an Escrow Account with Axis Bank Limited. This account was provisioned with a deposit of ₹ 47,20,000.00, which represents more than 25% of the total consideration payable under the offer, assuming full acceptance.Acquirers' Background
The Acquirers intend to continue the existing business operations and line of business of the Target Company upon the completion of the Open Offer, with the goal of acquiring management control.The financial resources for the Open Offer were certified by CA Rakesh Kumar Mandal, confirming that the Acquirers possess sufficient resources to meet their obligations in full.
Target Company Profile: Dolphin Medical Services Ltd
Dolphin Medical Services Limited was incorporated on September 21, 1992, and has been engaged in providing diagnostic and healthcare services, including radiology, pathology, and ophthalmic care. The company’s authorized share capital is ₹ 25,00,00,000/-.As of the shareholding pattern filed with the Stock Exchange for the quarter ended March 31, 2026, the company had the following paid-up equity share capital:
| Metric | Value |
|---|---|
| Paid-up Equity Share Capital | ₹ 15,09,99,520/- |
| Number of Equity Shares | 1,50,99,952 |
| Face Value Per Share | ₹ 10/- |
Financial Performance Summary
The financial history of Dolphin Medical Services Ltd, based on audited statements, shows the following figures (Amount in Lakhs):Balance Sheet Statement
| Particulars | Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2024 |
|---|---|---|---|
| ASSETS | |||
| Property, Plant and Equipment | 312.82 | 276.44 | 282.71 |
| Capital in Progress | 30.66 | 30.66 | 30.66 |
| Intangible Assets under development | 378.48 | 378.48 | 378.48 |
| Non-Current Investments | 41.00 | 41.00 | 41.00 |
| Non-Current Loans | 281.95 | 281.95 | 281.95 |
| Other Non-Current Assets | 1.35 | 1.35 | 1.35 |
| Inventories | 0.90 | 0.95 | 0.72 |
| Cash and Cash Equivalents | 1.46 | 1.85 | 1.62 |
| Bank balances other than Cash and Cash Equivalents | 0.08 | 0.16 | 0.02 |
| Loans (Current) | 194.70 | 194.70 | 194.70 |
| TOTAL ASSETS | 1,243.43 | 1,207.57 | 1213.24 |
| EQUITY AND LIABILITIES | |||
| Share Capital | 1,509.99 | 1,509.99 | 1,509.99 |
| Other Equity | (501.85) | (506.04) | (502.66) |
| Borrowings | 86.64 | 86.64 | 80.29 |
| Deferred Tax Liabilities (Net) | 59.70 | 59.36 | 59.01 |
| Other Current Liabilities | 88.94 | 57.62 | 66.59 |
| TOTAL EQUITY AND LIABILITIES | 1,243.43 | 1,207.57 | 1213.24 |
Profit & Loss Statement
| Particulars | Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2024 |
|---|---|---|---|
| Revenue from Operations | 75.01 | 77.94 | 67.85 |
| Other Income | 3.68 | 3.68 | 3.68 |
| Total Income | 78.69 | 81.62 | 71.53 |
| Cost of Materials Consumed | 9.89 | 11.56 | 11.07 |
| Employee Benefits Expense | 15.29 | 6.60 | 8.47 |
| Finance Costs | 0.96 | 0.95 | 0.95 |
| Depreciation and Amortisation Expense | 9.02 | 6.26 | 4.65 |
| Other Expenses | 37.41 | 59.29 | 56.04 |
| Total Expenses | 72.57 | 84.66 | 81.17 |
| Profit/(Loss) before tax | 6.12 | (3.04) | (9.64) |
| Profit/(Loss) for the period | 4.19 | (3.38) | (10.40) |
| Earnings Per Share (EPS) (₹) | 0.02 | (0.02) | (0.07) |
Shareholding Pattern Details
The total voting share capital is based on the shares held by the promoters (Mr. Gude Venkata Mohan Prasad and Mrs. Lakshmi Sudha Madala), which cumulatively represented 20.95% of the voting share capital prior to the offer.Upon successful completion of the Open Offer and assuming full acceptance, the Acquirers anticipate holding 70,89,378 Equity Shares, representing a projected 46.95% of the Voting Share Capital of the Target Company.
***
Disclaimer: This article is based exclusively on the provided corporate disclosure text and does not include external commentary, analysis, or assumptions.
Stock Price Movement
Dolphin Medical Services Ltd wrapped up the day at ₹7.52, marking a strong gain of 4.88% for shares. Throughout the trading session, the stock held completely flat, remaining locked at ₹7.52 for the entire intraday range.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.
Last edited by a moderator: