MUMBAI - Indian Oil Corporation plans to raise funds selling commercial paper maturing in a little more than a month, three merchant bankers said on Tuesday.

The state-run oil marketing company will offer a yield of 5.55% on these notes, and it has received commitments worth around 13.50 billion rupees($171.71 million) so far, the bankers said.

The notes are rated A1+ by ICRA and will mature on Sept. 16.

(Reporting by Dharamraj Lalit Dhutia, Editing by Vidya Ranganathan)