IT major Wipro said its step-down subsidiary, Wipro IT Services, has approved a proposal for issuing US dollar denominated notes of up to USD 750 million. The amount received from the notes issues, which are proposed to be listed on the Singapore Stock Exchange, are intended to be utilised for refinancing existing debt and general corporate purposes, a regulatory filing said.
"This is to inform you that Wipro IT Services LLC, a wholly owned step-down subsidiary of Wipro Limited, incorporated under the laws of Delaware, United States of America has approved the proposal for issuance of U.S. dollar denominated notes in an aggregate principal amount of up to US$ 750 million. The Notes will be guaranteed by the Company vide a corporate guarantee. 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 company said in a filing to the exchanges.