“This is more from a safety perspective for Bharti,” said a banker with direct knowledge of the deal, referring to the open offer clarification. “The conversion to shares will not take place soon, unless everything is worked out between the two firms,” said the banker, who did not want to be named due to the sensitivity of the issue.

Banking sources had earlier said the open offer could be done away with by issuing GDRs to MTN, or the South African firm could acquire stake in Bharti Airtel’s parent unlisted Bharti Enterprises or holding company Bharti Telecom.

Bharti Airtel, which has agreed to exclusive talks with MTN until the end of July, did not immediately respond to Reuters query regarding the regulators’ statement.