Home Business Sudhir Ruparelia Commits Shs 4 Billion to Airtel Uganda’s IPO

Sudhir Ruparelia Commits Shs 4 Billion to Airtel Uganda’s IPO

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sudhir ruparelia commits shs 4 billion to airtel ugandas ipo
sudhir ruparelia commits shs 4 billion to airtel ugandas ipo
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Sudhir Commits Shs 4 Billion to Airtel Uganda IPO

In an attempt to engage important investor groups, Airtel Uganda recently held a meeting with the Indian Business Forum, a part of the Indian Association of Uganda. The purpose of this gathering was to encourage participation in Airtel’s Initial Public Offer (IPO), scheduled to conclude on October 13, 2023. During the meeting, Sudhir Ruparelia, a businessman and the honorary Consul of Nepal to Uganda, pledged to purchase 40,000,000 shares, amounting to Shs 4 billion.

Airtel Uganda’s Managing Director, Manoj Murali, expressed gratitude, saying, “We are very pleased with the enthusiastic response from the members of the Indian Business Forum. Sudhir’s commitment to the Airtel Uganda IPO shows their strong belief in our company’s vision and growth potential.”

Sudhir’s pledge comes after Buganda Katikkiro Charles Peter Mayiga recently announced his intention to acquire two million shares on behalf of the Buganda kingdom.

Mumba Kalifungwa, the Managing Director of Absa Bank and the lead transaction advisor for the IPO, shared his thoughts, stating, “Airtel’s IPO offers a significant investment opportunity in Uganda’s thriving telecommunications sector. We are excited to be a part of this journey.”

Robert Baldwin, the CEO of Crested Capital and the lead sponsoring broker for the IPO, added, “The interest and support from the Indian Business Forum demonstrate their trust in Airtel and the potential of this IPO. We eagerly anticipate the Listing day on the Uganda Securities Exchange on October 31.”

The event saw the presence of prominent members of the business community, including Velupillai Kananathan, Sri Lanka’s High Commissioner to Uganda, and Upender Singh Rawat, the Indian High Commissioner to Uganda.