Birla Group Holdings to issue 3-month CP - traders

India's Birla Group Holdings plans to raise funds by selling commercial papers maturing in three months, three merchant bankers said on Friday.

The company will offer a yield of 7.53% for this issue, and has received commitments worth around 1 billion rupees ($12.17 million) so far, they said.

The notes are rated A1+ by ICRA.

($1 = 82.1825 Indian rupees)