India's SAIL sets coupon to raise 3 bln rupees via bonds

MUMBAI Aug 23 (Reuters) - Steel Authority of India has fixed a coupon of 9.18 percent to raise 3 billion rupees ($54.07 million) in funds through a five-year bond sale, three traders said on Thursday.

The country's largest domestic steel producer has scrapped the 10-year tenure for which it had sought bids for last week owing to poor response. ($1 = 55.4800 Indian rupees) (Reporting by Archana Narayanan; Editing by Prateek Chatterjee)