Alibaba Group (HKG:9988) adjusted the conversion rate of its $4.5 billion convertible bonds due 2031 following the declaration of dividends, according to a Thursday filing with the Hong Kong bourse.

The rate was revised from 9.7271 to 9.8915 ADSs per $1,000 principal amount. The maximum conversion rate, reflecting make-whole provisions, was also raised from 12.6452 to 12.8589 ADSs, effective June 12.

Following the adjustment, the maximum number of ordinary shares issuable upon full conversion increased to 514.36 million, from 505.81 million, the filing said.

Shares of the tech giant were down about 3% in afternoon trade on Friday.