Hi Chirag,
Clicking renew will generate a new CSR with the existing key. If you want to create a new key and CSR, you can use this process:
sol7573: Renewing a Certificate Authorities signed certificate that requires a new key without overwriting the current key and certificate
http://support.f5.com/kb/en-us/solutions/public/7000/500/sol7573.html
And be aware of this:
sol10561: The BIG-IP system may not use a renewed SSL certificate
http://support.f5.com/kb/en-us/solutions/public/10000/500/sol10561.html
Aaron