Axis Securities to issue 3-month CP - traders

India's Axis Securities plans to raise funds from the sale of commercial papers maturing in three months, three merchant bankers said on Friday.

The company will offer a yield of 7.20% on the issue and has received commitments worth around 1 billion rupees ($12.17 million) so far, the bankers said.

The notes, which are rated A1+ by ICRA, will mature on Mar. 6.

($1 = 82.1850 Indian rupees)