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