HDFC to issue 1-year CP -traders

India's Housing Development Finance Corp (HDFC.NS) plans to raise funds by issuing commercial papers maturing in one year, three merchant bankers said on Thursday.

The non-banking finance company will offer a yield of 7.80% on this issue and has so far received commitment bids worth 5 billion rupees ($61.63 million), they said.

The notes are rated A1+ by CRISIL.

($1 = 81.1300 Indian rupees)