HDFC to issue 1-year CP - traders

The headquarters of India's HDFC bank is pictured in Mumbai

MUMBAI (Reuters) - India's Housing Development Finance Corp plans to raise funds by issuing commercial papers maturing in one year, three merchant bankers said on Thursday.

The non-banking finance company will offer a yield of 7.88% on this issue, and has received commitments worth 6.50 billion rupees ($79.89 million) so far, they said.

The notes are rated A1+ by CRISIL.

($1 = 81.3600 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)