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Visa Europe also agreed to buy 45.3 million Monitise shares, which would take its stake in the British mobile banking technology and services company to 10.2 percent and make it the largest shareholder. It owned 6.8 percent as on July 4.
The world's largest credit- and debit-card network Visa Inc, which was Monitise's largest shareholder, will own about 9.4 percent after the offering.
Visa Inc and Visa Europe are separate, independently operating companies, according to Visa Inc's website.
Monitise expects to raise about 24 million pounds ($38.13 million) by issuing 81 million new shares at 28.25 pence per share.
The company, which also counts Norway's Norges Bank and private equity firm 3i Group (III.L) as major shareholders, said it was also selling 28.1 million shares to certain institutional investors.
Monitise shares were up 3 percent at 29.5 pence at 0709 GMT on Friday on the London Stock Exchange.
($1 = 0.6294 British pounds)
Reporting by Monika Shinghal and Brenton Cordeiro in Bangalore; Editing by Joyjeet Das