Black Sesame International (HKG:2533) has updated its proposed share subscription under a general mandate, adjusting investor participation and the number of shares to be issued, according to a Sunday Hong Kong bourse filing.

Shares of the firm were down nearly 3% in Monday morning trade.

The company said Innovital has replaced Shanghai Shuangchuang Jinhong Enterprise Management as a subscriber under a supplemental agreement, while the subscription agreement with SpreadCom Limited has been terminated.

As a result, the total number of subscription shares has been revised to 28.5 million shares.

Shanghai Jixin Enterprise Management Limited Partnership will subscribe for nearly 20 million shares, while Innovital will subscribe for 8.56 million shares, the filing said.

Black Sesame said net proceeds from the subscription are expected to total about HK$538.1 million.