Shareholders of Renesas Electronics Corp had passed a resolution to approve a sale plan amounting to 150 billion yen. The shares would be sold to Innovation Network Corp of Japan, whose shareholders include two of the country's largest carmakers, namely Toyota and Nissan.

The resolution was passed during the shareholders meeting held in Kawasaki City near Tokyo. Over ninety percent of shares of Renesas are owned by NEC Corp., Mitsubishi Electric Corp and Hitachi Ltd and the share sale proceeds would be used to boost financial strength, restructure the company as well as infuse more funds for its research and development arm to create more advanced microcontrollers for cars and television.

The share sale announced last October the layoff of another 3,000 employees after an initial layoff of 7,500 employees. The total layoff projections would comprise 25% of its current workforce. The company would also be selling three of its factories to another Japanese chipmaker, J-Devices Corp.