Ranbaxy [Get Quote] shareholders, who have tendered their shares to Japanese drug maker Daiichi Sankyo, will have to wait for some more time for their payment. ICICI [Get Quote] Securities, the Japanese major's offer manager, has indicated that there will be a delay in payment for the accepted shares as the acquisition of the country's largest drug maker is yet to clear all regulatory and procedural hurdles.

Daiichi has agreed to accept Ranbaxy shares from the open market as well as its promoters for Rs 737 a share. The company's scrip closed at Rs 347.2 at the Bombay Stock Exchange on September 22.

In a note to the stock exchanges, ICICI Securities said that the number of shares tendered by the shareholders exceeded the offer size of 20 per cent of the total and the unaccepted ones would be sent back by September 23.