The other investors include Ontario Municipal Employees Retirement System, Premji Invest and Carmignac.
The company is also planning to raise Rs 500 crore through masala bonds.
The QIP is aimed at maintaining shareholding in subsidiary HDFC Bank and bolstering capital base to meet the growing demand for home loans.
The Kerala-based small finance bank will use the capital for growing its loan book and footprint.
Today’s banks are all for the rich although it is not said that way.
The firm has about Rs45,000 crore in debt and last week announced that it was going to shut down its 2G services in about a month.
The firm said it will be utilizing the proceeds mainly to strengthen its financial services business.
As of 30 June 2017, Bharat Financial had a loan book of Rs 10,971 crore.
The development will further impede its efforts to pare its huge debt.
Merger discussions may even be called off if the deal structure is not favourable to shareholders of the Shriram group firms.