Wipro secures $1 billion ‘club loan’ to fund its Capco acquisition

Wipro Ltd., India’s fourth largest IT services company, has secured a $1-billion funding line through a one-year overseas loan for its acquisition of British IT consultancy Capco, people familiar with the development said. Bank of America, Citi, HSBC, MUFG and Standard Chartered Bank will likely syndicate such a loan, known as “club loan” in market parlance, which will likely be refinanced through an overseas long-term bond and/or loan at the