Axis Finance to issue 3-month CP - traders

India's Axis Finance plans to raise funds by selling commercial papers maturing in three months, three merchant bankers said on Thursday.

The company will offer a yield of 7.05% on this issue and has received commitments worth around 750 million rupees ($9.24 million) so far, the bankers said.

The notes are rated A1+ by India Ratings.

($1 = 81.1700 Indian rupees)