Wipro to guarantee notes not exceeding $865 mn
Wipro IT Services LLC, a wholly owned step-down subsidiary of Wipro (Company), incorporated under the laws of Delaware, United States of America (Issuer) has approved the proposal for issuance of U.S. dollar denominated notes (the Notesand such issuance, the Issue) in an aggregate principal amount of up to US$ 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 Board of Directors of the Company, has at their meeting held on 09 June 2021, 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 US$ 865 million (115% of the principal amount of the Notes).
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