Indian Oil Corporation to issue short-term commercial papers

MUMBAI: Indian Oil Corporation plans to raise funds selling commercial papers maturing in a more than a month, three merchant bankers said on Friday.

The state-run oil marketing company will offer a yield of 5.61% on these notes, and it has received commitments worth around 15 billion rupees ($189.45 million) so far, the bankers said.

The notes are rated A1+ by ICRA and the issue will mature on Sept. 23. ($1 = 79.1750 Indian rupees)