Hitachi, NEC seek to raise up to $2.1 billion through Renesas share sale

(Reuters) – Japan’s Hitachi and NEC Corp are aiming to raise up to $2.1 billion by selling their stakes in chipmaker Renesas Electronics, according to a term sheet seen by Reuters.

Hitachi and NEC will sell a combined 123 million Renesas shares at an offer price range of 2,474 yen ($16.76) to 2,528 yen, the term sheet showed.

The share sale will be at a discount of about 6%-8% to Renesas’s closing price on Thursday.

Hitachi and NEC did not reply to Reuters’ request for comments, while Renesas declined to comment.

($1 = 147.6100 yen)

(Reporting by Disha Mishra in Bengaluru; Editing by Rashmi Aich and Varun H K)