Indian Business Forum Demonstrates Strong Confidence in Airtel Uganda IPO As Tycoon Sudhir Pledges To Buy 40M Shares At Shs4Bn

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Sudhir Ruparelia, Honorary Consul of the Republic of Nepal to Uganda
Sudhir Ruparelia, Honorary Consul of the Republic of Nepal to Uganda
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In the ongoing efforts to engage key investor groups, Airtel Uganda recently convened a meeting with the Indian Business Forum, an important 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.

Airtel Uganda, a prominent telecommunications company in Uganda, welcomed members of the Indian Business Forum to an evening of camaraderie, networking, and discussions on the reasons and strategies for investing in the Airtel Uganda IPO.



The outcome was truly encouraging, with an announcement that a prominent individual Mr. Sudhir Ruparelia, Honorary Consul of the Republic of Nepal to Uganda, also known for their commitment to Uganda’s economic growth, has pledged to purchase 40,000,000 shares, totalling 4 billion Ugandan Shillings.

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Mr. Manoj Murali, the Managing Director of Airtel Uganda, expressed deep appreciation, stating, “We are truly delighted by the enthusiastic response from the members of the Indian Business Forum. This commitment by Sudhir Ruparelia to the Airtel Uganda IPO underscores the unwavering confidence in our company’s vision and growth potential. Additionally, this follows a recent announcement from Owek. Charles Peter Mayiga, Prime Minister of Buganda Kingdom, pledging to acquire 2 million shares on behalf of the Buganda Kingdom, further strengthening our position in this endeavour.”

Mr. Manoj Murali, the Managing Director of Airtel Uganda
Mr. Manoj Murali, the Managing Director of Airtel Uganda speaking at the event

Mumba Kalifungwa, Managing Director of ABSA Bank Uganda 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.”

Robert Baldwin, 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 31 October.”



Mumba Kalifungwa, Managing Director of ABSA Bank Uganda and the lead transaction advisor for the IPO
Mumba Kalifungwa, Managing Director of ABSA Bank Uganda and the lead transaction advisor for the IPO

The event was graced by notable members of the business community, including Sudhir Ruparelia, Honorary Consul of the Republic of Nepal to Uganda; Honorable Velupillai Kananathan, Sri Lanka’s High Commissioner to the Commonwealth state of Uganda; and Honorable Upender Singh Rawat, the High Commissioner of India to Uganda.
Their presence underscored the importance of Airtel’s IPO to the broader India-Uganda business landscape.

The commitment from Sudhir Ruparelia, Honorary Consul of the Republic of Nepal to Uganda and his pledge of 4 billion Ugandan Shillings reaffirm Airtel’s standing as a preferred investment choice in Uganda.

The Airtel IPO is set to be a significant milestone in the telecommunications industry and the broader business community in Uganda.



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