Custom arrangement for fields with multiple values in Drupal 7
You've got an explanation on how field_view_field and rendering api for fields work in this blog.

Here you've got an example (extracted from the link above):

$node = node_load($nid);
$field = field_get_items('node', $node, 'field_name');
$output = field_view_value('node', $node, 'field_name', $field[$delta]);


You just need to loop over the $delta value for the fields to render them in a multiple valued field.