Non Renouncement rights purely means the rights you are allotted/entitled to (1:15) is not trade-able (E.g. code LCKN).
A Renouceable rights issue means before the close date of the offer you can trade your rights (1:15 allotment) to somebody else so they may participate in the offer.
The shares that are issued by taking up the offer are ranked equally and function like normal fully paid ordinary shares.
Ann: Oversubscribed Rights Issue, page-24
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