We present an abstract, set-theoretic denotational semantics for a significant subset of OCaml and its module system in order to reason about the correctness of renaming value bindings. Our abstract semantics captures information about the binding structure of programs. Crucially for renaming, it also captures information about the relatedness of different declarations that is induced by the use of various different language constructs (e.g. functors, module types and module constraints). Correct renamings are precisely those that preserve this structure. We demonstrate that our semantics allows us to prove various high-level, intuitive properties of renamings. We also show that it is sound with respect to a (domain-theoretic) denotational model of the operational behaviour of programs. This formal framework has been implemented in a prototype refactoring tool for OCaml that performs renaming.