Businessman Sudhir Ruparelia Boosts Airtel IPO With Mega Investment Of Ugx4B - SWIFT DAILY NEWS
SWIFT DAILY NEWS
1696741481335 11zon

Businessman Sudhir Ruparelia Boosts Airtel IPO With Mega Investment Of Ugx4B

By Frank Kamuntu

Sources have confirmed that tycoon Sudhir Ruparelia of Ruparelia Group of Companies has so far invested over Ugx4billion in Airtel Uganda IPO.

Dr. Sudhir Ruparelia said that the historically good performance of the telecom, coupled with the growing role of communication technologies, makes the Airtel IPO, worthy of consideration.

Sudhir’s move thrilled Mr. Manoj Murali, the Managing Director of Airtel Uganda, who 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.”

In August this year, Dr Sudhir was quoted saying, “Today, telecommunications is not just a nice-to-have but a must-have. Communication has become a basic need just like food, shelter and clothing. The Internet has become a necessity. It is a must-have for most economically active individuals and businesses. This makes investing in a telecom worth considering.”

He also said that with the Ugandan economy recovering from the COVID-19 shock, returns from equity investments on the exchange are also looking north.

It’s not only Airtel, Sudhir, as of the end of December 2023 held 330,723,247 shares of Stanbic Uganda Holdings Ltd (0.65%0 and is the 7th largest shareholder and the biggest individual holder. He is also the second-largest shareholder in Bank of Baroda with 2.5% (62,527,250 shares) as well as holds 2,165,575 shares in dfcu Limited equivalent to 0.3%. He also has shares in NIC Holdings Limited and Umeme Limited.

Telecom has put up 8 billion shares (20% of the issued 40 billion shares) for UGX100 each. The IPO shall close on 13th October 2023 at 04:00 pm. Results of the allocation shall be announced on 30th October 2023 at 04:00 pm and thereafter the company shall, on 31st October 2023, list the entire 40 billion issued shares on the Main Investment Market Segment of the Uganda Securities Exchange (USE).

Have An Advert Or Article You Want Us To Publish? Whatsapp: +256760530830.

Related posts

Prayers For Jaaja: Museveni Rushes Into ”Forced Leave” Ahead Of Heroes Day Celebrations

Swift Daily News

Just In: Plane With 178 People On Board Catches Fire At Airport, Watch Video!

Swift Daily News

BALAALO: 830 Out Of 80,000 Head Of Cattle To Exit Gulu And Amuru

Caroline Kanshabe

Over 1.4M SIM Cards Blocked, UCC Explains Why!

Swift Daily News

ONC’s Namyalo Empowers Thousands, Feeds Hundreds In Iganga As She Launches Bazzukulu Liberation Cup

Swift Daily News

URA Recognizes Coca Cola After Paying Ugx 319 billion In Taxes

Caroline Kanshabe

Leave a Comment