Indian Oil Corp to issue short-term CP - traders

MUMBAI (Reuters) - Indian Oil Corporation plans to raise funds selling commercial papers maturing in a more than a month, three merchant bankers said on Friday.

The state-run oil marketing company will offer a yield of 5.61% on these notes, and it has received commitments worth around 15 billion rupees ($189.45 million) so far, the bankers said.

The notes are rated A1+ by ICRA and the issue will mature on Sept. 23.

($1 = 79.1750 Indian rupees)

(Reporting by Dharamraj Lalit Dhutia; Editing by Vidya Ranganathan)

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