Business

Poonawalla Fincorp to ride rating upgrade to cut costs, scale up

By Dan Neff

Poonawalla Fincorp is the financial venture promoted by Adar Poonawalla, CEO of Covishield vaccine maker Serum Institute.

Synopsis

Last month, rating agency Care upgraded Poonawalla Fincorp’s rating by two notches to AA+ largely on account of the improvement in the company’s capital base after the new promoters infused a total of ₹3,900 crore into the company and its mortgage lending subsidiary Poonawalla Housing Finance.

Mumbai: Poonawalla Fincorp, the financial venture promoted by Adar Poonawalla, CEO of Covishield vaccine maker Serum Institute, expects to reduce its cost of funds by at least 100 basis points this fiscal helped by a rating upgrade and better access to bank funds even as it has set itself a target to increase its loan assets by three times in the next four years.

One basis point is 0.01 percentage point.

Managing director Abhay Bhutada said

BY

ET Bureau

4 mins read, Last Updated:

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Dan Neff