Rarever Financial Advisors Pvt. Ltd. ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the Public Shareholders of Dolphin Medical Services Ltd ("Target Company").
Awaiting price reaction for this filing.
Rarever Financial Advisors has filed the Draft Letter of Offer with BSE for a mandatory open offer on Dolphin Medical Services Ltd. Two acquirers — Mr. Amarandhar Reddy Kotha and Mr. Mallour Rajesh Kumar — have signed a Share Purchase Agreement (SPA) dated May 15, 2026 to buy 31,63,390 equity shares (20.95% of voting capital) from existing promoters Mr. Gude Venkata Mohan Prasad and Mrs. Lakshmi Sudha Madala at ₹1.80 per share, aggregating to ₹56.94 lakh. This triggers a mandatory open offer under SEBI (SAST) Regulation 4 for an additional 39,25,988 shares (26% of voting capital) from public shareholders at ₹4.80 per share, totalling up to ₹1.88 crore. Assuming full acceptance, the acquirers will hold 46.95% of the company and gain management control. The offer window runs from July 9, 2026 to July 22, 2026.
This is a change-of-control transaction — existing promoters are exiting completely and new promoters will take over the company. Public shareholders get a clear exit opportunity at ₹4.80 per share, which is more than 2.5x the negotiated SPA price paid to outgoing promoters. Share price could see increased activity and volatility around the tendering window (July 9–22, 2026).