Axis Bank to issue 1-year CD -traders

India's Axis Bank AXISBANK plans to raise funds through the sale of certificate of deposits maturing in one year, three merchant bankers said on Thursday.

The private lender will offer a yield of 7.75% on the issue, and has received commitments worth around 15 billion Indian rupees ($184.25 million), they said.

The notes are rated A1+ by CRISIL.

($1 = 81.4120 Indian rupees)