Having gradually reduced its stake in Renesas over the years, INCJ plans to divest all its investments by March 2025.
The state-backed Japanese fund Innovation Network Corporation of Japan (INCJ) announced the sale of almost its entire stake in semiconductor manufacturer Renesas Electronics, amounting to 279 billion yen ($1.84 billion).
The shares were primarily sold to overseas institutional investors. The selling price was 2,143 yen per share, an 8.01% discount on Renesas’ closing price of 2,329.5 yen on Thursday, as per the fund’s Friday statement.
Following the sale, Renesas shares fell 4.5% to 2,224 yen by mid-morning on Friday. Before the sale, INCJ held 6.65% of Renesas’ shares, equating to about 130 million shares. It now retains only a nominal 75 shares. This transaction is the fifth-largest block trade in Asia this year and the second-largest in Japan since 2020, based on Dealogic data.
INCJ initially invested in Renesas in 2013, acquiring a 69% stake when the chipmaker was leading in microcontroller chips for cars but struggling with losses due to intense competition, particularly from Samsung Electronics. The fund intervened to prevent a takeover by U.S. firm Kohlberg Kravis Roberts & Co, concerned about the potential loss of Renesas technology to foreign interests.