XJ International (HKG:1765) revised its previously announced rights offering after receiving feedback from shareholders, according to a Hong Kong bourse filing Wednesday.

Shares of the education services firm fell over 1% in recent Thursday trade.

The company will now issue 685,414,558 shares at HK$0.2 apiece to raise HK$135.1 million in net proceeds. The shares will be issued on the basis of one rights share for every 12 shares held by qualifying shareholders.

The shares represent 8.33% of the company's total issued share capital, and 7.69% on an enlarged basis.

Previously, the company planned to issue 1,028,121,838 rights shares on the basis of one rights share for every eight shares held by qualifying shareholders.

XJ International said the revised rights offering also bypassed the need for a whitewash waiver since the issue would not result in its controlling shareholder acquiring more than 2% of the business.

Orient Securities will oversee the placement on the company's behalf.

Funds raised will be used to redeem the company's bonds.