MUMBAI, Aug 12 (Reuters) - India's Tata Power Renewable Energy plans to raise funds selling commercial papers maturing in one month, three merchant bankers said on Friday.

The company, a subsidiary of Tata Power Company Ltd , will offer a yield of 5.84% on this issue, and has received commitments worth around five billion rupees ($62.79 million), the bankers said.

The notes are rated A1+ by CRISIL and will mature on Sep. 19. ($1 = 79.6340 Indian rupees) (Reporting by Dharamraj Lalit Dhutia Editing by Vidya Ranganathan)