Vodafone Idea picks Jefferies, Axis for Rs 20,000 crore share sale

Vodafone Idea Ltd. has appointed the investment banking units of Axis Bank Ltd. and Jefferies Financial Group Inc. for its $2.4 billion share sale, according to people familiar with the matter, as the founders — Vodafone Group Plc and the Aditya Birla Group — seek to turnaround the unprofitable joint venture.

The beleaguered Indian wireless carrier is also in advanced talks with other investment bankers for the follow-on public offer that should be rolled out in coming months, the people said, asking not to be identified because the information is private. Vodafone Idea got shareholder approval this week to raise as much as 200 billion rupees ($2.4 billion) via shares or equity-linked instruments.