Rarever Financial Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer ("LOF") to the public shareholders of Dolphin Medical Services Ltd ("Target Company").

Date: July 22, 2026 BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001 Maharashtra, India SUB: Letter of Offer to the Shareholders of Dolphin Medical Services Limited (“Target Company”) in terms of Regulation 4 of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 Dear Sir/Madam, We, Rarever Financial Advisors Private Limited (hereafter referred to as “Manager to the Offer”), are hereby submitting the Letter of Offer made by us on behalf of Mr. Amarandhar Reddy Kotha (Acquirer 1) and Mr. Mallour Rajesh Kumar (Acquirer 2), (Collectively referred to as The “Acquirers”) to acquire 39,25,988 equity shares representing 26.00% of the Voting Capital of Target Company at a price of ₹4.80/- for each equity shares of Target Company, pursuant to and in compliance with Regulation 4 of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereto. Please take the same on your record. Yours Faithfully, For Rarever Financial Advisors Private Limited Prasann Bhatt Authorised Signatory Place: Ahmedabad Encl: 1. Letter of Offer LETTER OF OFFER THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION This Letter of Offer (LoF) is being sent to you as Public Shareholder(s) (as defined below) of Dolphin Medical Services Limited (“Target Company”). If you require any clarifications about the action to be taken, you may consult your stockbroker or investment consultant or Manager to the Offer (as defined below) / Registrar to the Offer (as defined below). In case you have recently sold your Equity Shares of the Target Company, please hand over this Letter of Offer and the accompanying Form of Acceptance-cum-acknowledgement to the purchaser of the Equity Shares or the member of the Stock Exchange through whom the said sale was affected. OPEN OFFER (“OFFER”) BY Mr. Amarandhar Reddy Kotha (Acquirer 1) Villa No. 12, Vision Infiniti Homes, Tellapur, Sangareddy District, R.C. Puram Mandal, Telangana – 502032, India. Tel. No.: +91 9948298078 ; E-mail: amar@datacipher.com Mr. Mallour Rajesh Kumar (Acquirer 2) 7-2-1669, Athena C 504, Lodha Casa Paradiso, Sanathnagar, Hyderabad, Telangana, India, 500018, India. Tel. No.: +91 9908398498; E-mail: rkmallour@gmail.com OPEN OFFER FOR ACQUISITION OF UPTO 39,25,988 FULLY PAID-UP EQUITY SHARES HAVING FACE VALUE OF ₹10.00 EACH (“EQUITY SHARES”), CONSTITUTING 26.00% OF THE VOTING SHARE CAPITAL OF DOLPHIN MEDICAL SERVICES LIMITED (“TARGET COMPANY”), FROM ITS PUBLIC SHAREHOLDERS AT AN OFFER PRICE OF ₹4.80 PER OFFER SHARE, PAYABLE IN CASH, BY MR. AMARANDHAR REDDY KOTHA (ACQUIRER 1) AND MR. MALLOUR RAJESH KUMAR (ACQUIRER 2), (COLLECTIVELY REFERRED TO AS THE “ACQUIRERS”), PURSUANT TO AND IN COMPLIANCE WITH REGULATION 4, OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011, INCLUDING SUBSEQUENT AMENDMENTS THERETO (“SEBI (SAST) REGULATIONS”). (“OFFER” OR “OPEN OFFER”). DOLPHIN MEDICAL SERVICES LIMITED (‘TARGET COMPANY’) Registered Office: Level 3, Plot No 13, Green Lands Colony, Gachibowli, Seri Lingampally, K.V.Rangareddy, Hyderabad, Telangana, 500032, India Tel. No. +91-040-65889357 / 23738877; E-mail: dolphincomplianceofficer@gmail.com Website: www.dolphinmedicalservices.com, CIN: L24239TG1992PLC014775; 1. This Offer is being made by the Acquirers pursuant to Regulation 4 of SEBI (SAST) Regulations 2011. 2. This Offer is not a conditional offer in terms of Regulation 19 of the SEBI (SAST) Regulations, 2011 and is not subject to any minimum level of acceptance. 3. There has been no competing offer as per Regulation 20 of the SEBI (SAST) Regulations, 2011. 4. As on the date of this LOF, there are no Statutory Approvals required by the Acquirers to complete the underlying transaction and this Open Offer. 5. The Offer Price and/ or the Offer Size may be subject to upward revision, if any, pursuant to the provisions of Regulation 18(4) of the SEBI (SAST) Regulations, at any time prior to commencement of the last 1 Working Day prior to the Tendering Period i.e. Thursday, July 30, 2026, and the same would also be informed by way of an announcement in the Newspapers. Where the Acquirers have acquired any Equity Shares during the Offer Period at a price higher than the Offer Price, the Offer Price shall stand revised to the highest price paid for such acquisition in accordance with the provisions of Regulation 8(8) of the SEBI (SAST) Regulations. However, the Acquirers shall not acquire any Equity Shares after the 3rd Working Day prior to the commencement of the Tendering Period, and until the expiry of the Tendering Period. In the event of such revision, the Acquirers shall: (i) make corresponding increase to the Escrow Amount; (ii) make a public announcement in the same newspapers in which the Detailed Public Statement was published; and (iii) simultaneously with the issue of such public announcement, inform SEBI, BSE Limited, and the Target Company at its registered office of such revision. Such revised Offer Price shall be payable by the Acquirers for all the Offer Shares validly tendered during the Tendering Period of this Offer. 6. A copy of the Public Announcement (“PA”) and the Detailed Public Statement (“DPS”) and a copy of Letter of offer (LoF) (including Form of Acceptance Cum Acknowledgement) are available on the website of SEBI: www.sebi.gov.in. 7. In the event of withdrawal of the Open Offer in terms of Regulation 23(1) of the SEBI (SAST) Regulations, 2011, the Acquirers (through the Manager to the Offer) shall, within 2 (Two) Working Days of such withdrawal, make a public announcement of such withdrawal, in the same Newspapers in which the Detailed Public Statement was published, stating the grounds for the withdrawal in accordance with Regulation 23(2) of the SEBI (SAST) Regulations and such public announcement shall be sent to SEBI, Stock Exchange and the Target Company at its registered office. All future correspondence, if any, should be addressed to the Manager to the Offer / Registrar to the Offer at the following addresses: MANAGER TO THE OFFER REGISTRAR TO THE OFFER RAREVER FINANCIAL ADVISORS PRIVATE LIMITED Integrated Registry Management Services Private Limited Registered Office: 807, Iconic Shyamal, Shyamal Cross Road, 132 2nd Floor, Kences Towers, 1, Ramakrishna Street, T. Nagar - 600017, Ring Road, Satellite, Manekbag, Ahmedabad, Gujarat, 380015 Chennai, India Contact Person: Mr. Prasann Bhatt / Mr. Jiten Patel Contact Person: Mr. J Gopinath Tel No.: +91 9998123745 Contact Number: +91-080 — 23460815 to 818 Email: mb1@rarever.in / hello@rarever.in Email: irg@integratedindia.in Investor grievance email: ig@rarever.in Website: www.integratedregistry.in Website: www.rarever.in SEBI Reg. No.: INM000013217 OFFER OPENS ON: Friday, July 31, 2026 OFFER CLOSES ON: Thursday, August 13, 2026 1 | P age DOLPHIN MEDICAL SERVICES LIMITED - OPEN OFFER | LOF TENTATIVE SCHEDULE OF KEY ACTIVITIES OF THE OFFER Activity Original Day and Date Revised Day and Date*** Issue of Public Announcement Friday, May 15, 2026 Friday, May 15, 2026 Publication of Detailed Public Statement in newspapers Friday, May 22, 2026 Friday, May 22, 2026 Last Date for Filing of draft letter of Offer with SEBI Monday, June 01, 2026 Monday, June 01, 2026 Last date for Public Announcement of a Competing Offer* Monday, June 15, 2026 Monday, June 15, 2026 Last date for receipt of comments from SEBI on the draft Monday, June 22, 2026 Wednesday, July 15, 2026 letter of Offer (in the event SEBI has not sought clarification or additional information from the Manager) Identified Date** Wednesday, June 24, 2026 Friday, July 17,2026 Last date for dispatch of the letter of Offer to the Public Thursday , July 02, 2026 Friday, July 24,2026 Shareholders Last date of publication by which a committee of Tuesday, July 07, 2026 Wednesday, July 29, 2026 independent directo [Showing first 8,000 characters — download PDF for full document]