Wipro IT Services, included underneath the legal guidelines of Delaware, United States, has authorized the proposal for issuance of US greenback denominated notes in an mixture principal quantity of up to $750 million, in accordance to an alternate submitting on Thursday.
The web proceeds of the dollar-denominated notes might be utilised for refinancing current debt, normal company functions or some other goal allowed underneath the regulation. Further, it mentioned that the notes are proposed to be listed on the Singapore Stock Exchange.
ET had earlier reported that Wipro
was looking to raise as a lot as $1 billion in short-term overseas loans or long-term overseas bonds to partially fund its acquisition of Capco Ltd. Announced in March, the acquisition of the UK-based IT consultancy for $1.45 billion is the Bengaluru-based IT agency’s largest ever, which it mentioned would enhance its capabilities in the banking, monetary companies and insurance coverage (BFSI) house.
The firm added that principal and curiosity in the direction of reimbursement of the issued notes wouldn’t exceed $865 million, or 115% of the principal quantity borrowed.
In February, Indian IT companies agency HCL Technologies had additionally mentioned it might raise $500 million in an overseas bond sale which had obtained approval from its board.