LIC Housing Finance to issue 1-year CP - traders

India's LIC Housing Finance LICHSGFIN plans to raise funds through the sale of commercial papers maturing in one year, three merchant bankers said on Tuesday.

The housing finance company will offer a yield of 7.70% on the issue, and has received commitments worth around 10 billion Indian rupees ($122.51 million), they said.

The papers are rated A1+ by CRISIL.

($1 = 81.6250 Indian rupees)