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It is definitely possible. You can pursue Master of Business Administration from a regular college after completing graduation from open university. There is no such rule that open university students have to do MBA from an open university. If your college is recognised by the government then you can appear for all the MBA entrance exams including Common Admission Test (CAT).
Common Admission Test (CAT) is without doubt the most popular entrance exam for Master of Business Administration.
Indian Institute of Management (IIM) offer admission through the Common Admission Test. IIMs are considered to be the best MBA colleges in India. This is the reason why the majority of candidates prefer to appear for the Common Admission Test. In case you have scored less than 50 percent marks, then Management Aptitude Test (MAT) is the best option for you. MAT entrance exam is conducted four times in a year. To appear in MAT, you just need a Bachelor's degree. There is no criteria for percentage. Please remember that all MBA entrance exams allow candidates with an open university degree to appear as long as the degree is obtained from a recognised university. You can also appear for entrance exams like XAT and GMAT.