Renesas Electronics has secured JPY 150 billion in new financing through an agreement to issue new shares to a group of leading Japanese companies and the government-backed Innovation Network Corporation of Japan. The other investors are Toyota Motor, Nissan Motor, Keihin, Denso, Canon, Nikon, Panasonic and Yaskawa Electric. The issue of 1.25 billion new shares at JPY 120 per share will take place after a shareholders meeting on 22 February 2013 and all regulatory approvals are secured. Renesas said it will use the fresh capital to support its new growth plan, aimed at restoring profitability. This will include investing in 28nm production and anti-seismic equipment; strengthening its analog and power products through acquisitions, including IP, embedded operating systems and design houses in emerging markets; expanding in new, high-growth markets, such as HEV and EV and vehicle information systems, smart-grid technology and electronic controls; and restructuring its management structure to accelerate decision-making in response to market changes. The strategic investments are expected to start in June next year and continue through March 2018.
