Tata Motors Finance to issue 3-month CP - traders

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

The company will offer a yield of 7.70% on the issue and has received commitments worth around 4 billion rupees ($48.93 million) so far, the bankers added.

The notes are rated A1+ by ICRA.

($1 = 81.7430 Indian rupees)