BSECompany Update28 Aug 2026 · 28 Aug 2026, 02:40 pm
Rarever Financial Advisors Pvt Ltd ("Manager to the Offer") has submitted to BSE a copy of Post-Offer advertisement under Regulation 18(12) in terms of the Securities and Exchange Board ....
Dolphin Medical Services Ltd · 526504
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Dolphin Medical Services Ltd has received a post-offer advertisement from Rarever Financial Advisors Pvt Ltd regarding the open offer to acquire 26% of the company's equity shares at ₹4.80 per share.
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Earnings Impact5/10
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Governance Concern1/10
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Balance Sheet Risk4/10
Liquidity Impact6/10
Market Sentiment5/10
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Dolphin Medical Services Ltd - 526504 - Post-Offer Advertisement
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BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street, Mumbai – 400001,
Maharashtra, India.
Sub: Submission of Post-Offer Advertisement for the Open Offer of 39,25,988 Fully Paid-Up
Equity Shares of the face value of ₹ 10/- Each (“Offer Shares”) Representing 26% of
fully paid-up equity share capital of Dolphin Medical Services Limited (‘Target
Company’) from the Public Shareholders of Target Company.
Dear Sir /Madam,
We, Rarever Financial Advisors Private Limited (hereafter referred to as “Manager to the Offer”),
are hereby submitting the Post offer advertisement 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% of total paid-up equity shares
of Target Company at a price of ₹ 4.80/- per Equity Share each 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.
Request you to kindly take the same on your record.
Yours Faithfully,
For Rarever Financial Advisors Private Limited
Prasann Y. Bhatt
Authorized Signatory
Date: August 28, 2026
Place: Ahmedabad
Enclosed: Post Offer Advertisements
POST-OFFER ADVERTISEMENT UNDER REGULATION 18(12) IN TERMS OF THE SECURITIES AND
EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS)
REGULATIONS, 2011, AS AMENDED (“SEBI (SAST) REGULATIONS”) FOR THE ATTENTION OF THE
EQUITY SHAREHOLDERS OF
DOLPHIN MEDICAL SERVICES LIMITED
Corporate Identification Number: L24239TG1992PLC014775;
Registered Office: Level 3, Plot No 13, Green Lands Colony, Gachibowli, Seri Lingampally, K.V.Rangareddy,
Hyderabad, Telangana - 500032;
Contact Number: 040-65889357 / 23738877;
Email Address: dolphincomplianceofficer@gmail.com; Website: www.dolphinmedicalservices.com
This Post Offer Advertisement is being issued by Rarever Financial Advisors Private Limited (‘Manager to the
Offer’) on behalf of Mr. Amarandhar Reddy Kotha (Acquirer 1) and Mr. Mallour Rajesh Kumar (Acquirer
2) (hereinafter collectively referred to as ‘Acquirers’) in connection with the Open Offer to acquire
39,25,988 Equity Shares having a Face Value of ₹ 10/- each (“Equity Shares”) of The Dolphin Medical Services
Limited (“Target Company”) at a price of ₹ 4.80, representing 26% of the Equity Share Capital of the Target
Company (“Offer”) from the equity shareholders of the target company, in compliance with Regulation 18(12)
of the SEBI (SAST) Regulations (the “Post Offer Advertisement”).
The Detail Public Statement dated May 22, 2026, which was published in the following newspapers in
accordance with the provisions of Regulation 14(3) of the SEBI (SAST) Regulations, 2011:
Newspaper & Language Editions
Financial Express (English) All Editions
Jansatta (Hindi) All Editions
Mana Telangana (Hyderabad Daily) Hyderabad
Mumbai Lakshadeep (Marathi) Mumbai
1. N ame of the Target Company : Dolphin Medical Services Limited
2. N ame of the Acquirer and PAC : Mr. Amarandhar Reddy Kotha (Acquirer 1) and
Mr. Mallour Rajesh Kumar (Acquirer 2)
3. N ame of the Manager to the Offer : Rarever Financial Advisors Private Limited
4. N ame of the Registrar to the Offer : Integrated Registry Management Services
Private Limited
5. O ffer details
a.) Date of opening of the Offer : Friday, July 31, 2026
b.) Date of closing of the Offer : Thursday, August 13, 2026
6. . Date of completion of payment of consideration : Friday, August 21, 2026
and communication of Rejection/Acceptance
7. Details of Acquisition:
Sr. Particulars Proposed in the Letter of Offer Actuals
7.1 Offer Price (in Rs.) ₹4.80/- ₹ 4.80/-
7.2. The aggregate number 39,25,988 18,000
of Shares tendered
7.3. The aggregate number 39,25,988 18,000
of Shares accepted
7.4. Size of the offer (the ₹1,88,44,743/- ₹ 86,400/-
number of Equity Shares
multiplied by the Offer
Price per Equity Share)
7.5. Shareholding of the
Acquirers before Public
Announcement 1,327 1,327
• Number 0.01% 0.01%
• % of Equity Share
Capital
7.6. Shares agreed to be
acquired by way of a
Share Purchase
Agreement (‘SPA’) 31,63,390 31,63,390
• Number 20.95% 20.95%
• % of Equity Share
Capital
7.7. Shares acquired by way of
Open Offer
• Number 39,25,988 18,000
26.00% 0.12%
• % of Equity Share
Capital
7.8. Shares acquired after
Detailed Public Statement
(‘DPS’) NIL NIL
• Number of Shares Not Applicable Not Applicable
Acquired Not Applicable Not Applicable
• Price of the Shares
Acquired
• % of the shares
acquired
7.9 Detail Post Offer
Pre Offer
% of Equity % of Equity
No. of Shares No. of shares
Share Capital Share Capital
Pre & Post offer 70,90,705 46.96 31,82,717 21.08
Shareholding of the
Acquirers
7.10. Detail Pre Offer Post Offer Pre Offer Post Offer
Pre & Post offer 1,11,07,651 71,80,336 1,11,07,651 1,10,88,324
Shareholding of the 73.56% 47.55% 73.56% 73.43%
Public
7.11 Post Offer Shareholding No of Share % of shareholding
of the Target Company
Promoter and Promoter
Group (A)
Acquirers 31,82,717 21.08%
Existing Promoters 8,28,911 5.49%
Total (A) 40,11,628 26.57%
Public Shareholders 1,10,88,324 73.43%
Total (A+B) 1,50,99,952 100.00%
Note: a) The difference, if any, in the percentage is due to rounding-off
b) Pre-Shareholding Pattern is based on June 30, 2026.
8. The Acquirers accept full responsibility for the information contained in this Post Offer
Advertisement and also for the obligations under SEBI (SAST) Regulations, 2011.
9. A copy of this Post Offer Advertisement will be available on the websites of SEBI, BSE Limited (BSE), and
the registered office of the Target Company.
Issued by the Manager to the Offer on behalf of the Acquirer
MANAGER TO THE OFFER REGISTRAR TO THE OFFER
RAREVER FINANCIAL ADVISORS PRIVATE LIMITED Integrated Registry Management Services Private
Registered Office: 807, Iconic Shyamal, Shyamal Cross Limited
Road, 132 Ring Road, Satellite, Manekbag, Ahmedabad, Registered Office: 2nd Floor, Kences Towers, 1,
Gujarat, 380015 Ramakrishna Street, T. Nagar - 600017, Chennai, India
Contact Person: Mr. Prasann Bhatt / Mr. Jiten Patel Contact Person: Mr. J Gopinath
Tel No.: +9199981 23745 Contact Number: +91-080 — 23460815 to 818
Email: mb1@rarever.in Email: irg@integratedindia.in
Investor Grievance Id: IG@rarever.in Website: www.integratedregistry.in
SEBI Reg. No.: INM000013217
For and on behalf of the Acquirers
Sd/-
Sd/-
Mr. Amarandhar Reddy Kotha
Mr. Mallour Rajesh Kumar
(Acquirer 1)
(Acquirer 2)
Date: Thursday, 27, 2026
Place: Hyderabad
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