Capital market watchdog Securities and Exchange Board of India-SEBI, has exempted the central government from making an open offer to shareholders of United Bank of India, pursuant to equity infusion that would hike its stake in the lender to nearly 88 per cent. The government, which is the promoter of United Bank, has proposed to buy additional 18 crore shares in the lender through preferential allotment route in lieu of infusing Rs 700 crore investment.With the equity infusion, government's stake in the bank would rise to 87.99 per cent from 82.23 per cent. SEBI, in an order issued on Tuesday, exempted the government from making an open offer for the bank's shareholders citing that there would not be any change in management control, post equity infusion.The regulator also said the minimum public shareholding level — which is ten per cent for public sector entities — would remain unaffected after the share purchase by the government.SEBI stated that this was a "fit case to grant exemption" to the government from the obligation to make an open offer as otherwise required under the takeover norms.