Mumbai: “Jindal Power, a unit of Jindal Steel & Power, has hired eight banks including Deutsche Bank,UBS, and Goldman Sachs for an initial public offering (IPO) to raise about $1.5 billion," two sources with direct knowledge of the deal said.

“The regulatory application for the IPO was expected to be filed over the next few days," said one source, who declined to be named as he is not authorised to speak to the media.

“The other arrangers are ICICI Securities, Enam, JM Financial, IDFC-SSKI and SBI Capital Markets," the sources said.