Henderson Land Development (HKG:0012) said it will cut the conversion price of its HK$8 billion 0.5% convertible bonds due 2030 to HK$34.53 per share from HK$35.35, subject to approval of a final dividend, according to a Monday Hong Kong bourse filing.

Shares of the property developer were up nearly 2% in Tuesday afternoon trade.

The adjustment will take effect from June 11, following the record date for the proposed final dividend of HK$0.76 per share.

The change will increase the maximum number of shares issuable upon full conversion to 231.7 million from 226.3 million, the filing said.