Daiichi Sankyo has said that there are procedural delays in completing the open offer for acquiring an additional 20% equity of Ranbaxy. The delay pertains to payments to shareholders who have subscribed to the Japanese company's open offer for acquiring an additional 20% equity of Ranbaxy. Daiichi will pay interest to the shareholders for these procedural delays, which are beyond 15 days for the closure of the offer. The open offer closed on September 4. It is understood that these delays are on account of regulatory approvals including those from Cabinet Committee of Economic Affairs and Reserve Bank of India for Daiichi Sankyo's acquisition of Ranbaxy for nearly $4.6 billion (over Rs 20,000 crore). Any acquisition over Rs 600 crore has to seek approval from the CCEA. In a notice to the stock exchange the company said that certain approvals for the open offer are yet to be received, and consequently there will be a delay in making payment of consideration to shareholders who have validly tendered their shares under the offer. The open offer was oversubscribed by over two times. The company plans to acquire up to 9.2 crore shares at Rs 737 per share through the offer to have a controlling majority stake in the pharma major of over 50%. "However, it may be noted that the return of the unaccepted shares shall not be deemed acceptance of the shares retained by the acquirer. The acceptance of the shares retained is contingent on statutory approvals being received", the company says in its filing. The open offer was earlier deferred due to regulatory hurdles. The public shareholding in the company is 23.06% and institutional holding is 39.76%. Earlier in June, Daiichi had agreed to acquire the promoters' 34.8% stake in Ranbaxy for around Rs 10,000 crore. Following the buy-out from the promoters, the Japanese drug major on August 16 launched an open offer to acquire up to 9,25,19,126 shares, representing a further 20% stake in Ranbaxy. ICICI Securities acted as the manager to the offer. Shares of Ranbaxy closed at Rs 347.20, down 2.7% on the Bombay Stock Exchange.