Banks Pocket $12 Million in Fees in Adani’s Mega Share Sale

Investment banks are set to receive about 1 billion rupees ($12 million) in total fees after helping Indian tycoon Gautam Adani pull off a closely watched follow-on share sale, according to people familiar with the matter.

The fees are equivalent to around 0.5% of the 200 billion rupees raised in Adani Enterprises Ltd.’s offering, said the people, who asked not to be identified as the information is private.

The top arrangers — ICICI Securities Ltd., Jefferies Financial Group Inc. and SBI Capital Markets Ltd. — will get half of the total fees, while seven other banks will share ...