Birla Group Holdings to issue 3-month CP - traders

India's Birla Group Holdings plans to raise funds by selling commercial papers maturing in three months, three merchant bankers said on Thursday.

The company will offer a yield of 7.85% for this issue for which it has received commitments worth around 2 billion rupees ($24.62 million) so far, they said.

The notes are rated A1+ by ICRA.

($1 = 81.2400 Indian rupees)