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Axis Securities to issue near 3-month CP - traders

India's Axis Securities plans to raise funds from the sale of commercial papers maturing in near three months, three merchant bankers said on Wednesday.

The company will offer a yield of 7.17% on the issue and has received commitments worth around 1 billion rupees ($12.3 million) so far, the bankers said.

The notes, which are rated A1+ by ICRA, will mature on Feb 20.

($1 = 81.5380 Indian rupees)

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