Indian Oil Corp to issue commercial papers maturing Sep-end -traders

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MUMBAI — Indian Oil Corporation plans to raise funds selling commercial papers maturing at the end of September, three merchant bankers said on Monday.

The state-run oil marketing company will offer a yield of 5.64% on these notes, and it has received commitments worth around 10 billion rupees ($125.54 million) so far, the bankers said.

The notes are rated A1+ by ICRA and the issue will mature on Sept. 28. ($1 = 79.6540 Indian rupees) (Reporting by Dharamraj Lalit Dhutia Editing by Neha Arora)