Sudhir (C) with other guests at the event
In the ongoing efforts to engage key investor groups, Airtel Uganda recently convened a meeting with the Indian Business Forum, a segment within the Indian Association of Uganda.
The purpose of the gathering was to encourage participation in Airtel’s Initial Public Offer (IPO), set to conclude on October 13, 2023. The meeting culminated with businessman Sudhir Ruparelia, also the honorary Consul of Nepal to Uganda, pledging to purchase 40,000,000 shares totaling Shs 4 billion.
Airtel Uganda managing director Manoj Murali expressed deep appreciation, stating: “We are truly delighted by the enthusiastic response from the members of the Indian Business Forum. This commitment by Sudhir to the Airtel Uganda IPO underscores the unwavering confidence in our company’s vision and growth potential.”
Sudhir’s pledge follows a recent announcement from Buganda Katikkiro Charles Peter Mayiga, pledging 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 insights, stating: “Airtel’s IPO represents a significant investment opportunity in Uganda’s vibrant telecommunications sector. We are excited to be a part of this journey.”
On the other hand, 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 are a testament to the trust they have in Airtel and the potential of this IPO. We look forward to Listing day on the Uganda Securities Exchange on October 31.”
The event was graced by notable 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.
Source: The Observer
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