Wipro IT Services LLC to raise $750 million through US Dollar denominated notes

The Board of Directors of Wipro IT Services LLC (the "Issuer") being a company incorporated under the laws of Delaware and being a wholly owned step down subsidiary of Wipro Limited (the "Company"), has approved the pricing, tenure and other terms of the U.S. dollar denominated notes (the "Notes" and such issuance, the "Issue").

The U.S.$750,000,000 notes will have maturity of 5 years and the maturity date is June 23, 2026, as the issue date will be June 23, 2021.

The Coupon offered is 1.50% per annum, payable semiannually in arrears on June 23 and December 23 of each year, commencing December 23, 2021. Principal will be repaid through bullet redemption on June 23, 2026.

The Notes will be listed on the Singapore Exchange Securities Trading Limited (SGX-ST).

The net proceeds of the sale of the Notes is intended to be used for refinancing or repaying existing debt, for general corporate purposes and/or for any other purpose, each as permitted by applicable law and regulations from time to time.

The Company's aggregate potential liability under the Guarantee is capped at an amount equal to 105% of the total aggregate principal amount of the Notes outstanding from time to time, being initially U.S.$ 787,500,000.

Shares of WIPRO LTD. was last trading in BSE at Rs.555.35 as compared to the previous close of Rs. 557.85. The total number of shares traded during the day was 194561 in over 5122 trades.

The stock hit an intraday high of Rs. 562.5 and intraday low of 553.4. The net turnover during the day was Rs. 108540030.

Source : Equity Bulls

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