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Desai & Diwanji debuts for IFMR Cap in Rs 174 cr Leapfrog deal with Trilegal

Leapfrog Investment bought a Rs 174 crore ($29m) stake in IFMR Capital Finance, advised by Desai & Diwanji and Trilegal.

Desai & Diwanji Mumbai partners Srishti Jha and Ketaki Mehta, assisted by associate Ajitha Pillai acted for IFMR, which is understood to be a new client for the firm.

Trilegal Mumbai partner Karan Singh acted for Leapfrog with senior associate Anirudhha Sen.

IFMR, which raises debt securities for microfinance institutions, small companies and housing businesses and has a Rs 500 cr balance sheet, bagged Leapfrog’s third India investment, according to the Economic Times today.

Leapfrog bought fresh allotted shares and existing shareholders secondary stake, but the total percentage stake acquired by Leapfrog was not disclosed.

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