HCL America Inc to issue USD denominated notes for $500 mn

HCL America Inc., a wholly owned step-down subsidiary of HCL Technologies Limited incorporated under the laws of California, United States of America ("Issuer") has approved the proposal for issuance of USD denominated fixed rate, senior unsecured notes aggregating to an amount not exceeding USD 500 million ("Notes") in accordance with the offer documents. The Notes are backed by a corporate guarantee of the Company. The net proceeds of the Notes are intended to be utilized for refinancing the existing debts and for general corporate purpose of the Issuer and other affiliates of the Issuer outside India. The Notes are proposed to be listed on the Singapore Stock Exchange.

The Board of Directors of the Company in its meeting held on February 25, 2021, has granted its approval to unconditionally and irrevocably guarantee the due and punctual payment of the principal and interest and any additional amount payable in respect of the Notes, as and when the same shall become due and payable ("Guarantee"). The Guarantee is subject to the aggregate liability of the Company not exceeding USD 525 million, (105% of the principal amount of the Notes).

Shares of HCL TECHNOLOGIES LTD. was last trading in BSE at Rs.928.45 as compared to the previous close of Rs. 916.6. The total number of shares traded during the day was 597780 in over 7775 trades.

The stock hit an intraday high of Rs. 934 and intraday low of 923.15. The net turnover during the day was Rs. 550658958.

Source : Equity Bulls

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