(Bloomberg) -- Arrangers of Adani Enterprises Ltd.’s scrapped 200 billion-rupee ($2.4 billion) equity offering will now have to scramble to recover minuscule fees from what was supposed to be the country’s biggest-ever follow-on share sale. 

The bulk of the $12 million in fees that investment banks were set to earn was dependent on the success of the deal, people with knowledge of the matter said. They’re now expecting only minimal compensation for their work on the offering, according to the people, who asked not to be identified because the information is private. 

Banks are planning to negotiate individually with Adani Enterprises to see how much they can get paid for their roles on the now-scrapped share sale, the people said.

The suddenness of the deal’s collapse is still reverberating in Indian financial circles. One veteran dealmaker with a role on the transaction said he had never seen an equity offering canceled in this fashion in his nearly two-decade career. Some bankers at firms with a junior role on the deal only learned of its cancellation from Adani’s stock exchange filing, the people said. 

The $12 million of expected fees were equivalent to 0.5% of the planned fundraising amount. The top arrangers — ICICI Securities Ltd., Jefferies Financial Group Inc. and SBI Capital Markets Ltd. — were slated to get half the total pot, Bloomberg News reported earlier. Seven other banks were set to share the remainder. 

Spokespeople for ICICI and Jefferies declined to comment, while representatives for the other banks and Adani didn’t respond to queries or had no immediate comment. 

--With assistance from Preeti Singh.

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