India's SAIL plans to raise min 5 bln rupees via CPs-sources

MUMBAI Aug 1 (Reuters) - Steel Authority of India is planning to raise 5 billion rupees ($89.90 million) in short-term funds through issue of commercial papers, three sources with direct knowledge of the deal said on Wednesday.

The country's largest domestic steel producer will raise funds in the 80 to 86 days and 175 to 178 days maturity buckets, the sources said.

It has invited bids latest by 11 a.m. on Wednesday, they said. ($1 = 55.6150 Indian rupees) (Reporting by Archana Narayanan; Editing by Anand Basu)