Japan fund INCJ sells USD 1.8 billion of Renesas shares

Japanese state-backed fund INCJ has sold the majority of its stake in semiconductor manufacturer Renesas Electronics, amounting to 279 billion yen ($1.84 billion) worth of shares. The shares were primarily sold to overseas institutional investors at a discount of 8.01%. INCJ previously held 6.65% of Renesas' shares and now retains only a marginal holding. This is the fifth-largest block trade in Asia this year and the second-largest in Japan since 2020. INCJ aims to exit all of its investments in Renesas by March 2025.