Dolphin Medical open offer 2026: ₹4.80 price, Jul 17

Identified date fixed for Dolphin Medical Services

Rarever Financial Advisors Private Limited has announced July 17, 2026 as the identified date for the open offer in Dolphin Medical Services Limited. The identified date is used to determine which shareholders are eligible to receive the Letter of Offer under SEBI’s takeover regulations. The disclosure was made as an open-offer update and cites regulation 18(2) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.

The acquirers named in the disclosure are Mr. Amarandhar Reddy Kotha and Mr. Mallour Rajesh Kumar. They are proposing to acquire shares from public shareholders through an open offer at ₹4.80 per equity share.

Who the acquirers are and what they plan to buy

The open offer is for up to 39,25,988 fully paid-up equity shares of Dolphin Medical Services Limited. This offer size represents 26.00% of the voting share capital of the target company, as stated in the announcement. The shares being acquired have a face value of ₹10 each.

Existing public shareholders will have the opportunity to tender their shares at the offer price of ₹4.80 per share, subject to the detailed terms in the Letter of Offer. The manager to the offer in the filing is Rarever Financial Advisors Private Limited.

Why the “identified date” matters under SEBI rules

In takeover-related processes, the identified date is an operational milestone. Rarever Financial Advisors stated that the date is established to determine the names of shareholders as on that specific date to whom the Letter of Offer would be sent.

This is not the same as the tendering period or an acceptance date. Instead, it is a record-date-like cut-off used for dispatch and communication in the open offer process. Shareholders and market participants typically track this date because it clarifies who will be directly communicated the offer documents.

Key open offer references already on record

The open offer process referenced multiple prior documents and dates. These include a Public Announcement dated May 15, 2026, a Detailed Public Statement published on May 22, 2026, and a Draft Letter of Offer dated June 01, 2026.

These documents form the regulatory trail for the open offer and provide the base disclosures on the proposed acquisition, the parties involved, and procedural timelines. The identified date announcement fits into this sequence as an update tied to dispatch and shareholder identification.

Link to the promoter stake purchase agreement

Alongside the open offer, the article context also refers to a Share Purchase Agreement (SPA) involving the same acquirers. Under the SPA, Mr. Kotha and Mr. Kumar committed to buy 31,63,390 shares, representing a 20.95% stake, from existing promoters for ₹5.69 crore.

The open offer is described as directly linked to this SPA. The combined transaction structure reflects a promoter stake purchase from existing promoters plus an open offer to public shareholders, which is a common format under India’s takeover framework.

Potential post-transaction shareholding if fully accepted

The disclosure states that, once both the open offer and the SPA are successfully completed, Mr. Kotha and Mr. Kumar would transition from being investors to the company’s new promoters.

It also notes a scenario-based outcome: if the open offer is fully accepted by shareholders, the acquirers’ total stake could reach approximately 46.96% of the voting share capital. This figure is presented as a maximum outcome contingent on the level of acceptance in the open offer.

Conditions and approvals to watch

Both the open offer and the underlying SPA are subject to certain pre-conditions being met. The stated examples include securing necessary statutory approvals as outlined in the SPA. These conditions can affect the transaction’s completion timeline and are typically tracked in subsequent filings and updates.

The article context also points investors toward monitoring disclosures connected to the open offer process, including the status of statutory approvals and open offer acceptance levels once the tendering process occurs.

Company snapshot and market references cited

Dolphin Medical Services Limited is identified as a healthcare company (Hospital and Healthcare Services) listed on BSE under scrip code 526504 and described as a small-cap stock in the provided context. The company is also described as being incorporated in 1984 and engaged in diagnostics and other allied services.

The market references in the text show multiple price points across dates and sources: Dolphin Medical Services’ share price is cited as ₹8.69 (as on June 22, 2026, 04:00 PM IST) and ₹8.7 (as of June 27, 2026). Another snapshot in the same context mentions “Current Price ₹2.16” along with “Market Cap ₹3.26 crore,” highlighting that market-data snapshots can vary by timestamp and data source. A bid/ask of 9.12/0.00 is also shown in the provided information.

Summary table: offer terms and key dates

Timeline: disclosures referenced in the process

Market impact and what investors can verify

The primary new information in this update is the identified date of July 17, 2026, which helps clarify the shareholder list for Letter of Offer dispatch. The financial terms of the open offer remain the same in the provided context: an offer price of ₹4.80 per share for up to 39,25,988 shares (26.00%). The open offer’s stated total value in the context is approximately ₹1.88 crore (₹188.45 lakh), while the promoter stake purchase under the SPA is stated at ₹5.69 crore for 20.95%.

Investors evaluating the situation typically cross-check these disclosures with the Public Announcement, the Detailed Public Statement, and the Draft Letter of Offer dates cited in the update. They also track subsequent exchange filings on statutory approvals and the final Letter of Offer, as completion of the SPA and open offer is described as conditional.

Conclusion

Rarever Financial Advisors’ announcement sets July 17, 2026 as the identified date for Dolphin Medical Services’ open offer, under which the acquirers plan to buy up to 26.00% at ₹4.80 per share. The open offer is linked to a separate promoter stake purchase agreement and is subject to pre-conditions including statutory approvals. The next practical step for shareholders is to watch for the Letter of Offer dispatch and further exchange updates tied to the open offer timeline and approvals.