IT Giant Wipro on Thursday said its step-down subsidiary, Wipro IT Services, has raised USD 750 million from an overseas bond sale. In a regulatory filing, Wipro made a statement which reads ‘‘Wipro IT Services LLC (Issuer)... has raised USD 750 million by the issue and allotment of 1.50 percent notes (Notes) to qualified institutional buyers...,'' . The notes are guaranteed by Wipro pursuant to an indenture dated June 23, 2021, executed by the company and the issuer with the trustee, paying agent, registrar and transfer agent appointed in relation to the issuance of the notes, it added.
Last week, Wipro had announced that Wipro IT Services will issue US dollar-denominated notes worth USD 750 million on June 23. A proposal for the same had been approved by the Board of Wipro IT Services on June 10.
Wipro has undertaken guarantee obligations in relation to the notes under the indenture. Its potential liability under the guarantee is capped at an amount equal to 105 percent 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. The filing added that the guarantee will be released upon repayment in full of amounts due under the notes and guarantee, subject to the guaranteed amount.
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