MUMBAI: India's Network18 Media & Investments Ltd and TV18 Broadcast Ltd plan to raise funds selling commercial papers maturing in three months, three merchant bankers said on Monday.

Both the companies will offer a yield of 5.98% on their CP issues, the bankers said.

While Network18 Media & Investments received commitments around 1.25 billion rupees ($15.64 million), TV18 Broadcast got around 500 million rupees, they said.

The notes of both companies are rated A1+ by ICRA and the terms of the deals were set on Friday.

($1 = 79.9020 Indian rupees) (Reporting by Dharamraj Lalit Dhutia; Editing by Neha Arora)