Sundaram Finance to issue 1-year CP - traders

India's Sundaram Finance SUNDARMFIN plans to raise funds by selling commercial papers maturing in one year, three merchant bankers said on Tuesday.

The non-banking financial company will offer a yield of 7.80% on the issue and has received commitments worth around 3.50 billion rupees ($42.55 million) so far, the bankers said.

The notes are rated A1+ by ICRA.

($1 = 82.2550 Indian rupees)