Wipro IT Services has approved the proposal for the issue of US dollar-denominated notes for an aggregate principal amount of up to $750 million.
The notes will be guaranteed by the company vide a corporate guarantee, according to a filing with the BSE on Thursday. The net proceeds of the notes are intended to be utilised for refinancing existing debt, general corporate purposes and/or for any other purpose permitted by law.
The notes are proposed to be listed on the Singapore Stock Exchange. The board of directors of the company has at its meeting held on June 9 granted its approval to unconditionally and irrevocably guarantee the due and prompt payment of the principal and interest and any additional amount payable in respect of the Notes, as and when the same shall become and payable (“Guarantee”). The Guarantee is subject to the aggregate liability of the company not exceeding $865 million (115 per cent of the principal amount of the notes).