Japan-based drug manufacturer, Daiichi Sankyo Co. Ltd has announced the postponement of an open offer for a 20% stake in Zenotech Laboratories Ltd, as per filing by the fund manager ICICI Securities before the Bombay Stock exchange. The move came after the Madras High Court's recent interim order disallowed Daiichi Sankyo from making an offer for the Ranbaxy Laboratories Ltd.

It should be recalled that minority shareholders of Zenotech have demanded an increase in the open offer price from 113.62 rupees to 160 rupees per share, the price paid by Ranbaxy to acquire stakes in Zenotech in January 2008.

Zenotech, in a filing before Bombay Stock Exchange, said: "By its order, the Hon'ble Madras High Court (Madurai Bench) has granted an interim injunction in connection with the offer (for an additional 20 per cent)."

ICICI Securities said that new schedule for the offer will be announced later and no share will be accepted before that. Daiichi Sankyo currently holds 64% stake in Ranbaxy, while Ranbaxy holds a 47% stake in Zenotech. Shares of Zenotech surged 1.6 per cent to 107.05 rupees on the Bombay Stock Exchange.