May 30, 2012 / 12:32 AM / 5 years ago

Renesas shares rebound sharply after recent slide

TOKYO (Reuters) - Shares of Renesas Electronics Corp (6723.T) surged more than 30 percent in early trade on Wednesday, rebounding from a recent slide on news that the chipmaker plans to raise 100 billion yen ($1.26 billion) to pay for a proposed restructuring.

“It has been oversold ... They’re hoping to get some capital injection, significantly lessening the downward pressure,” a dealer at a European brokerage said.

Renesas shed 16.4 percent to 204 yen on Tuesday, hitting a record low.

Reporting by Dominic Lau; Editing by Chris Gallagher

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