renunciation
noun [ S or U ]
uk/rɪˌnʌnsiˈeɪʃən/ usthe fact of saying that you no longer support or have a connection with someone or something, or that you do not want something :
People who receive an inheritance have the right of renunciation of that inheritance, subject to certain conditions.
STOCK MARKET
in a rights issue (= an occasion when a company offers new shares to its existing shareholders), a situation in which someone with the right to new shares formally says that they do not want to accept them:
An appropriate person will be authorised to execute a transfer, assignment or renunciation of the consideration shares on the accepting shareholder's behalf.