Wipro to raise up to $750 million in maiden overseas bond sale

Bengaluru: Ltd. has announced its maiden overseas bond sale of $750 million through its wholly owned subsidiary Wipro IT Services LLC.

Wipro IT Services, incorporated under the laws of Delaware, United States, has approved the proposal for issuance of US dollar denominated notes in an aggregate principal amount of up to $750 million, according to an exchange filing on Thursday.

The net proceeds of the dollar-denominated notes will be utilised for refinancing existing debt, general corporate purposes or any other purpose allowed under the law. Further, it said that the notes are proposed to be listed on the Singapore Stock Exchange.

ET had earlier reported that Wipro
was looking to raise as much 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 firm’s biggest ever, which it said would boost its capabilities in the banking, financial services and insurance (BFSI) space.

The company added that principal and interest towards repayment of the issued notes would not exceed $865 million, or 115% of the principal amount borrowed.

In February, Indian IT services firm HCL Technologies had also said it would raise $500 million in an overseas bond sale which had received approval from its board.

Source link


Oil prices stable on confidence in demand recovery

Article content LONDON — Oil prices were little changed on Monday, trading in a tight range as European economic reopenings offset gloom from...

Deutsche Bank Hong Kong IPO licence to expire after staffing error

Deutsche Bank will be unable to sponsor initial public offerings in Hong Kong from July after the German lender failed to replace two...

Similarities and differences between aluminium railings and glass railings

some of the most common types of railings used in the infrastructure industry are aluminium railings and glass railings. These are very popular in almost every infrastructure building in metropolitan cities.

Brent crude hits $70 as traders bet on sustained revival in oil demand

Brent crude oil hit $70 a barrel on Tuesday, reaching the highest level in two months in a broad commodities rally that has...