India, April 30 -- PayU has raised INR 1,013 Cr (around $120 Mn) from its parent and Dutch technology investor Prosus via a rights issue as the digital payments major gears up for its initial public offering (IPO).

The board of PayU issued 13 Cr equity shares of face value of INR 10 each at a premium of INR 67.96 per share to raise the sum from MIH Payments Holdings BV, as per its regulatory filings accessed by Inc42.

MIH Payments Holdings BV is the investment arm of the Naspers Group, which holds a 73.27% stake in Prosus.

Both PayU and Prosus declined to comment on Inc42's queries on the development.

Prosus initially planned to take PayU public in India in 2024 at a valuation of $5 Bn to $7 Bn. While this did not materialise, Prosus ...