Acquirers Launch Open Offer for 26.00% Stake in Dolphin Medical Services at ₹4.80 Per Share

Mr. Amarandhar Reddy Kotha (Acquirer 1) and Mr. Mallour Rajesh Kumar (Acquirer 2) have issued a Public Announcement on May 15, 2026, to make an open offer to the public shareholders of Dolphin Medical Services Limited, a Hyderabad-based company listed on BSE Limited. The offer, managed by Rarever Financial Advisors Private Limited, has been triggered pursuant to the execution of a Share Purchase Agreement (SPA) dated May 15, 2026, in compliance with Regulation 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Open Offer Details

The open offer seeks to acquire up to 39,25,988 fully paid-up equity shares of face value ₹10.00 each, constituting 26.00% of the voting share capital of the Target Company. The offer price has been set at ₹4.80 per equity share, payable in cash. Assuming full acceptance under this open offer, the aggregate consideration payable to public shareholders amounts to ₹1,88,44,743.00 (rounded off).

Parameter: Details Offer Size: 39,25,988 equity shares (26.00% of voting share capital) Face Value: ₹10.00 per equity share Offer Price: ₹4.80 per equity share Mode of Payment: Cash Aggregate Consideration (full acceptance): ₹1,88,44,743.00 Type of Offer: Triggered Open Offer under Regulation 4, SEBI (SAST) Regulations, 2011 SPA Date: May 15, 2026

Underlying Transaction

The open offer has been triggered by the execution of the SPA between the acquirers and the promoter sellers — Mr. Gude Venkata Mohan Prasad and Mrs. Lakshmi Sudha Madala. Under the SPA, the acquirers are set to acquire 31,63,390 equity shares representing 20.95% of the voting share capital, for a total cash consideration of ₹56,94,102.00.

Transaction Parameter: Details Type of Transaction: Direct Acquisition Mode of Transaction: Share Purchase Agreement (SPA) Shares to be Acquired via SPA: 31,63,390 equity shares % of Voting Share Capital (SPA): 20.95% Total Consideration (SPA): ₹56,94,102.00 Mode of Payment: Cash Regulation Triggered: Regulation 4, SEBI (SAST) Regulations, 2011

Acquirer Shareholding Details

Prior to the transaction, Acquirer 1 held no equity shares in the Target Company, while Acquirer 2 held 1,327 equity shares representing 0.01% of the paid-up equity share capital. The following table summarises the shareholding positions of the acquirers at various stages:

Details: Acquirer 1 (Mr. Amarandhar Reddy Kotha) Acquirer 2 (Mr. Mallour Rajesh Kumar) Total Pre-Transaction Shares: NIL 1,327 1,327 Pre-Transaction % of Paid-up Capital: NIL 0.01% 0.01% Shares via SPA: 27,20,515 4,42,875 31,63,390 % via SPA (Voting Share Capital): 18.02% 2.93% 20.95% Post-SPA Shares: 27,20,515 4,44,202 31,64,717 Post-SPA % (Voting Share Capital): 18.02% 2.94% 20.96% Open Offer Shares (26%): 39,25,988 — 39,25,988 Post-SPA + Full Open Offer Shares: 66,46,503 4,44,202 70,90,705 Post-SPA + Full Open Offer % (Voting): 44.02% 2.94% 46.96%

Note: Differences, if any, in percentages are due to rounding off.

As noted in the Public Announcement, Mr. Mallour Rajesh Kumar (Acquirer 2) is the Non-Executive Director (Additional Director) and a public shareholder of the Target Company. No person is acting in concert with the acquirers for the purposes of this open offer. Upon completion of the open offer, the acquirers will become the promoters of the Target Company and shall have control over it.

Promoter Sellers

The promoter sellers under the SPA are Mr. Gude Venkata Mohan Prasad and Mrs. Lakshmi Sudha Madala. Post completion of the underlying transaction, both sellers shall cease to hold any equity shares in the Target Company and shall be reclassified from the promoter category in accordance with Regulation 31A of the SEBI (LODR) Regulations.

Selling Shareholder: Pre-Transaction Shares Pre-Transaction % Post-Transaction Shares Post-Transaction % Mr. Gude Venkata Mohan Prasad: 19,18,792 12.71% Nil Nil Mrs. Lakshmi Sudha Madala: 12,44,598 8.24% Nil Nil Total: 31,63,390 20.95% Nil Nil

About the Target Company

Dolphin Medical Services Limited is registered at Level 3, Plot No 13, Green Lands Colony, Gachibowli, Seri Lingampally, K.V. Rangareddy, Hyderabad, Telangana, 500032, India. The company's paid-up equity share capital stands at ₹15,09,99,520/-, divided into 1,50,99,952 equity shares of face value ₹10/- each. The company is listed on BSE Limited.

Regulatory and Other Details

The Detailed Public Statement (DPS) is to be published in newspapers within 5 (Five) Working Days of this Public Announcement, i.e., on or before Friday, May 22, 2026. The open offer is not conditional upon any minimum level of acceptance under Regulation 19(1) of the SEBI (SAST) Regulations, 2011, and is not being issued pursuant to a competing offer under Regulation 20. The acquirers have confirmed firm financial arrangements for financing the acquisition of offer shares in terms of Regulation 25(1) of the SEBI (SAST) Regulations, 2011. The offer is managed by Rarever Financial Advisors Private Limited, based in Ahmedabad, Gujarat.

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