India’s Cholamandalam Investment to issue 2-month CP – traders

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MUMBAI — India’s Cholamandalam Investment & Finance Company Ltd plans to raise funds selling commercial papers maturing in two months, three merchant bankers said on Thursday.

The financial services company will offer a yield of 6.08% on this issue and it has received commitments worth around 6 billion rupees ($75.53 million) so far, the bankers said.

The notes are rated A1+ by ICRA and will mature in October. ($1 = 79.4400 Indian rupees) (Reporting by Dharamraj Lalit Dhutia; Editing by Rashmi Aich)

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