Axis Bank to issue 7-month CD - traders

India's Axis Bank AXISBANK plans to raise funds through sale of certificate of deposits maturing in seven months, three merchant bankers said on Wednesday.

The private lender will offer a yield of 7.32% on this issue, and has received commitments worth around 2 billion rupees ($24.50 million), they said.

The notes are rated A1+ by CRISIL, and the terms of the deal were set on Tuesday.

($1 = 81.6375 Indian rupees)