Non-bank lender Piramal Finance on Monday announced that it will be raising Rs 3,850 crore of growth capital from an institutional placement of shares and a promoter infusion.

The city-headquartered company has raised Rs 2,100 crore from a qualified institutional placement (QIP) of shares and the board has also approved a Rs 1,750 crore fund raise from promoters through a preferential issue, as per an official statement.