TOKYO, April 27 (Reuters) - Renesas Electronics Corp’s shares fell more than 10 percent after a media report said state-run fund Innovation Network Corp of Japan (INCJ) planned to sell off a nearly 20 percent stake in the company.
Renesas shares were trading 8.44 percent lower at 1,042 yen in morning trading in Tokyo.
INCJ, which holds a 69.2 percent stake in the semiconductor maker, could raise around 300 billion yen ($2.70 billion) if it sells a nearly 20 percent stake, the Nikkei business daily reported on Thursday. INCJ declined to comment on the report.
“Any decision on the sale of our shares is for our shareholders and we are therefore not in a position to comment,” Renesas in a statement issued through the Tokyo Stock Exchange.
The company also said it currently had no specific plan to issue new shares. ($1 = 111.2800 yen) (Reporting by Tim Kelly; Editing by Randy Fabi)