Tata Capital to issue 3-month CP - traders

India's Tata Capital, a subsidiary of Tata Sons, plans to raise funds by selling commercial papers maturing in three months, three merchant bankers said on Tuesday.

The non-banking financial company will offer a yield of 7.60% on the issue, and has received commitments worth around 4.50 billion rupees ($55.02 million) so far, the bankers said.

The notes are rated A1+ by CRISIL.

($1 = 81.7875 Indian rupees)