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Bond Market News

Wipro Gets Approval For Upto $750mn Debut Dollar Bond Issuance

Wipro, an Indian multinational firm, has announced plans for a debut dollar bond sale of $750mn through its subsidiary, Wipro IT Services LLC. Proceeds of the dollar-denominated bonds will be allocated for refinancing current debt, general corporate purposes and other purposes permitted by law. The company proposed to list the notes on the Singapore Stock Exchange. According to Economic Times, Wipro was aiming to raise $1bn in short-term overseas loans or long-term overseas bonds to partially fund its $1.45bn acquisition of Capco Ltd, a UK-based IT consultancy firm. Announced in March, this marks the Bengaluru-based IT firm’s largest acquisition to date. Wipro believes it will boost its performance in the banking, financial services and insurance industries. The firm stated principal and interest towards repayment would not exceed $865 million (or 115% of the principal amount borrowed).

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