The board of Tanu Healthcare met last week and passed a resolution permitting the promoters to dilute 4.78 per cent of their stake to TCP Focus Inc, New York, USA. The firm will place seven lakh shares at a mutually agreed price of Rs 28 per share. The existing shares of the promoters shall be offloaded and there will not be a fresh issue of equity. The promoters of Tanu Healthcare currently control a 50 per cent stake and this will come down to 45 per cent after the sale. Tanu Healthcare has an equity capital of Rs 14.65 crore. The firm's product range includes allopathic medicines like Salmox and Salben besides ayurvedic products like Tanubita, Hervo Liv , Expit cough syrup, Stomat ,Disal etc.

In the first-quarter of the current year, its sales turnover shot up to Rs 6.16 crore from Rs 1.01 crore during the corresponding period of the previous year. The firm has reported a gross profit of Rs 51 lakh and a net profit of Rs 47 lakh. Tanu hopes to achieve a turnover of Rs 24 crore for 2000-01 with commensurate rise in profits.

It plans to go in for a stock split from Rs 10 paid up to Re one paid up for which a board meeting has been called on the August 16.