Chennai-headquartered Indowind Energy Ltd has proposed an investment plan worth Rs 100 crore to generate 30 MW of wind energy in the financial year 2009-10.

It should be noted that the firm has added 20.25 MW to its current capacity of 7.59 MW entailing an investment of Rs 160 crore last fiscal.

Besides this, the company has also proposed to increase its authorized capital to Rs 200 crore from Rs 65 crore, to raise fund for expansion plans by conversion of foreign currency convertible bonds (FCCB), qualified institutional placement, preferential allotment to promoters and employees stock option.

However, the investors of $30 million FCCB have to compulsory convert 50% of their holding into equity according to the agreement.

A company executive, close to development informed that the firm has proposed to help investors by reducing the conversion price in line with the current market price.

Once the proposal is through, the company's net worth will become Rs 250 crore and it can rise up to Rs 750 crore from banks to fund the expansion plans.

The scrip of the company closed today at Rs 38 on BSE, up 3% compared to previous close of Rs 37. The counter has made 52-week-high and low of Rs 71 and Rs 17 respectively.