UPDATE 1-Monitise to raise 32 mln stg, bolster ties with Visa

* Visa’s shareholding in Monitise to rise to 14.4 pct

* Says placing at a discount of 1.2 pct to Monday’s close

* Expects FY revenue of about 6 mln stg

* Shares up as much as 12 pct
(Adds details)

July 13 (BestGrowthStock) – Mobile banking specialist Monitise
(MONI.L: ) said it would raise 32.4 million pounds ($48.68
million) through a share placing and subscription, and extended
its partnership with credit card giant Visa Inc (V.N: ) by a
year, sending Monitise’s shares up as much as 12 percent.

The company said it would raise 23.6 million pounds by
placing about 114 million shares at 20.75 pence a share, which
is a 1.2 percent discount to the stock’s Monday close.

The company said it would also raise 6.6 million pounds
through share subscriptions by a unit of Visa and 2.1 million
pounds by existing shareholder First Eastern (Holdings) Ltd.

Monitise plans to use the proceeds to expand its footprint
in the Asia-Pacific and Indian regions.

Visa’s stake in Monitise would increase to 14.4 percent
from 12.6 percent following the completion of subscriptions,
Monitise said.

Under the five-year strategic deal signed in June last
year, Visa would help Monitise develop technology to provide
SMS alerts and secure payment mechanisms for holders of Visa’s
roughly two billion cards worldwide. [ID:nRnsd7726U]

Monitise also forecast revenue for the year ended June 30
to be about 6 million pounds, more than double from last year.

Shares of Monitise were up 6 percent at 22.25 pence at 0820
GMT on Tuesday on the London Stock Exchange. They touched a
high of 23.5 pence earlier in the session.
($1=.6655 Pound)
(Reporting by Juhi Arora in Bangalore; Editing by Roshni

UPDATE 1-Monitise to raise 32 mln stg, bolster ties with Visa