Indian Oil Corp to issue intra-month CP -traders

Indian Oil Corp IOC plans to raise funds by selling commercial papers maturing within this month, three merchant bankers said on Thursday.

The state-run oil marketing company will offer a yield of 6.53% on these notes and has received commitments worth around 5 billion rupees ($61.6 million) so far, the bankers said.

The notes are rated A1+ by ICRA, and will mature on Dec. 26.

($1 = 81.2150 Indian rupees)