Tokyo -- Struggling Japanese chipmaker Renesas Electronics said Monday it would raise up to $2.43 billion from a share sale and a separate capital injection to rescue its troubled balance sheet.

Renesas said it would sell about 150 billion yen ($1.82 billion) worth of shares to the state-backed Innovation Network Corp. of Japan (INCJ) and top corporate names including Toyota (IW 1000/8)  and Panasonic (IW 1000/31).

INCJ is also ready to kick in another 50 billion yen worth of investments or loans, it added, as the chipmaker bleeds cash.

"The global financial crisis, natural disasters such as last year's earthquake and flooding in Thailand... have been threatening Japan's major industries, manufacturers in particular," Renesas said in a statement announcing the deal.

"We face a situation where our financial condition could rapidly worsen."

Renesas is one of the world's top suppliers of microcontrollers, which function as the brain of automobiles and many electronics products.

But Japan's microchip sector has struggled with a strong yen and fierce competition, especially from South Korean and Taiwanese rivals, with Renesas in desperate need of a cash injection.

The firm -- created through the mergers of Hitachi (IW 1000/22), Mitsubishi Electric and NEC Corp.'s chip units -- posted a whopping 94.3 billion yen loss in the three months to September owing to huge restructuring costs, and has forecast a full-year net loss of 150 billion yen.