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On Thursday Wipro Ltd said its step-down subsidiary, Wipro IT Services, has raised USD 750 million from an overseas bond sale.
Last week, Wipro had announced that Wipro IT Services would issue US dollar-denominated notes worth USD 750 million on June 23. The Board had approved a proposal for the same of Wipro IT Services on June 10.
“Wipro IT Services LLC (Issuer)… has raised USD 750 million by the issue and allotment of 1.50 per cent notes (Notes) to qualified institutional buyers…,” a regulatory filing said on Thursday.
Wipro guarantees the notes according to an indenture dated June 23, 2021, executed by the company and the issuer with the trustee, paying agent, registrar and transfer agent appointed about the issuance of the notes, it added.
Wipro has undertaken guarantee obligations concerning the notes under the indenture. Its potential liability under guarantee is capped at an amount equal to 105 per cent of the total aggregate principal amount of the notes outstanding from time to time, being initially USD 787.5 million (guaranteed amount), the filing noted.
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The filing added that the guarantee would be released upon repayment in total amounts due under the notes and contract, subject to the guaranteed amount.
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