The combination contemplates an acquisition of an effective combined interest of less than 25 per cent, on a fully diluted basis, of the share capital of Magma HDI by IAF S4 I and DIF, acting through SPV-I. Besides, NTH would buy an effective combined interest of less than 10 per cent, on a fully diluted basis, of the company's share capital.
source https://economictimes.indiatimes.com/industry/banking/finance/insure/cci-clears-proposed-deal-to-acquire-stake-in-magma-hdi-general-insurance-by-2-entities/articleshow/83616269.cms
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