The Securities and Exchange Board of India (SEBI) had Tuesday said the need to make an open offer to existing shareholders would arise even if 15 percent or more equity of the target company was being acquired by floating a global depository receipts issue.

Earlier, it was understood that an open offer to existing shareholders was required only if the 15 percent or more of the ordinary shares - issued within the country - were being acquired by the potential strategic partner or the investor.

In the proposed deal, Bharti intends to hold 49 percent stake in MTN, while the South African telecom major proposes to acquire 36 percent stake in the Indian firm - 25 percent directly and the reminder from existing shareholders.

In a statement Tuesday, Bharti had already said it would seek an exemption from the takeover norm and that the deal will be compliant with all the norms that have been put in place in India and South Africa.

Bharti and MTN are also understood to be keen on dual listing of their company shares in both India and overseas, but some officials feel this can tantamount to full convertibility of the rupee through the back door.