India New Issue-Birla Group Holdings to issue 3-month CP -traders

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MUMBAI — India’s Birla Group Holdings Ltd plans to raise funds selling commercial papers maturing in three months, three merchant bankers said on Friday.

The company, which will offer a yield of 6.50% to the investors, has received commitments worth around 1 billion rupees ($12.55 million), the bankers said.

The notes are rated A1+ by ICRA. ($1 = 79.6950 Indian rupees) (Reporting by Dharamraj Lalit Dhutia Editing by Neha Arora)

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