India New Issue-Indian Oil Corp to issue 2-month CP -traders

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MUMBAI — Indian Oil Corp plans to raise funds selling commercial papers maturing in two months, three merchant bankers said on Friday.

The state-run oil marketing company will offer a yield of 5.83% on these notes, and it has received commitments worth around 14 billion rupees ($175.66 million) so far, the bankers said.

The notes are rated A1+ by ICRA and the issue will mature on Oct. 17.

($1 = 79.7000 Indian rupees) (Reporting by Dharamraj Lalit Dhutia; Editing by Shailesh Kuber)

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