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.