The Innovation Network of Japan will reduce its stake to 33.4 percent from 45.6 percent, a Renesas spokeswoman said. Hitachi will cut its stake to 3.7 percent from 5.6 percent and NEC  will lower its holding to 4.3 percent from 6.4 percent

Renesas shares were down 10 percent after the announcement, their lowest since July last year. However it would appear that the reduction will allow the chipmaker management greater freedom to make acquisitions as it seeks to bolster its global competitiveness.

Innovation rescued cash-strapped Renesas in 2013 with an investment of $1.4 billion, and received 69 percent of the chipmaker, but has whittled down its stake as the company regained its footing.

Last month, INCJ agreed to sell a 4.5 percent stake in Renesas to auto parts supplier Denso. Renesas last year bought US chipmaker Intersil for $3.2 billion and its chief executive said it was constantly reviewing its list of potential acquisition targets.

Renesas was created in 2010 from a merger of NEC’s chip division and Renesas Technology, which itself was established through a merger of the chip units of Hitachi and Mitsubishi Electric .