Wipro IT Services is a subsidiary of Wipro Ltd, will issue US dollar-denominated notes worth USD 750 million on June 23. The net proceeds of the notes, which are proposed to be listed on Singapore Exchange Securities Trading Ltd, are intended to be utilized for refinancing existing debt and general corporate purposes.

On June 10, Wipro had said the board of Wipro IT Services had approved a proposal for issuing US dollar denominated notes of up to USD 750 million.

“…the board of directors of Wipro IT Services LLC (issuer) – being a company incorporated under the laws of Delaware and being a wholly-owned step down subsidiary of Wipro Ltd – has approved the pricing, tenure and other terms of the US dollar denominated notes,” a regulatory filing on Thursday said. The size of the issue is USD 750 million and the tenure is five years, it added.