The Securities and Exchange Board of India (SEBI) has exempted South Africa's MTN from making the mandatory open offer to Bharti Airtel's shareholders. The current takeover regulations require an open offer for 20 per cent of a company's shares if a new entity buys 15 per cent share in the company or if the promoters increase their holding by over 5 per cent within 12 months of the deal. According to SEBI, MTN has been exempted from this requirement as it intends to acquire 25 per cent stake in Bharti Airtel through global depository receipts. Meanwhile, the State Bank of India has offered to lend $1 billion to Bharti Airtel for its proposed deal with MTN.