Renesas Electronics Corporation (TSE:6723) said that a state-backed fund and other shareholders would reduce their stakes in Renesas Electronics, in a sale worth up to ¥295 billion based on the prior day's closing price. Innovation Network Corporation of Japan will reduce its stake to 33.4% from 45.6%, a Renesas' spokeswoman said. Hitachi, Ltd. (TSE:6501) will cut its stake to 3.7% from 5.6% and NEC Corporation (TSE:6701) will lower its holding to 4.3% from 6.4%, she said.

The price of the shares, which will be sold through the market, will be determined later in April 2018.