Tata Motors Finance to issue 1-year CP - traders

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

The company will offer a yield of 8.17% on the issue and has received commitments worth around 1 billion Indian rupees ($12.25 million) so far, the bankers added.

The notes are rated A1+ by ICRA.

($1 = 81.6250 Indian rupees)