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Wipro to boost as much as $750 million in maiden abroad bond sale

Bengaluru: Ltd. has introduced its maiden abroad bond sale of $750 million via its wholly owned subsidiary Wipro IT Companies LLC.

Wipro IT Companies, included underneath the legal guidelines of Delaware, United States, has authorised the proposal for issuance of US greenback denominated notes in an combination principal quantity of as much as $750 million, in keeping with an trade submitting on Thursday.

The web proceeds of the dollar-denominated notes might be utilised for refinancing current debt, normal company functions or some other function allowed underneath the regulation. Additional, it mentioned that the notes are proposed to be listed on the Singapore Inventory Change.

ET had earlier reported that Wipro
was trying to elevate as a lot as $1 billion in short-term abroad loans or long-term abroad bonds to partially fund its acquisition of Capco Ltd. Introduced 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 within the banking, monetary companies and insurance coverage (BFSI) area.

The corporate added that principal and curiosity in direction of compensation of the issued notes wouldn’t exceed $865 million, or 115% of the principal quantity borrowed.

In February, Indian IT companies agency HCL Applied sciences had additionally mentioned it will elevate $500 million in an abroad bond sale which had obtained approval from its board.

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