Indian wind farms developer and investor Indian Energy Ltd joined Aim on 2 September 2009. A placing raised £9.75m at 82p a share to help finance Guernsey-registered Indian Energy’s growth. This valued the company at £20.3m. The costs of the flotation were £1.15m. Indian Energy also converted £5m of preference shares into ordinary shares at the placing price. The preference shares were issued back in June 2007 when Indian Energy also raised £5m from a placing at 130p a share. Indian Energy had to pay a cumulative preference share dividend of £547,000 out of the proceeds of the flotation. Indian Energy was founded by managing director Rupert Strachwitz and Dr Pankaj Agarwal in 2006. Strachwitz has a background in private equity while business development director Dr Agarwal has experience in the development and commercialisation of new renewable technologies. There was one project up and running at the time of the flotation - Gadag Plains in the state of Karnataka. The project was fully commissioned in February 2009 and should produce 55.8m KW of electricity each year.