Godrej Properties is all set for its Initial Public Offering (IPO) with the proposed sale of 94.29 lakh equity shares.

The offer is set to open on 9 December while it would close on December 11, according to information provided by the firm today.

The realty company further informed, "The face value of each equity share is Rs 10 each. The price band and minimum bid lot will be decided by the company in consultation with the global coordinators and book running lead managers."

The offering would constitute 13.5 per cent of the post issue paid up capital of Godrej Properties, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company.

The firm declined to divulge the details of capital it has been eyeing on, but the proceeds from the IPO are intended to be used for funding some land acquisitions and forthcoming projects.

The firm has also some other financial obligations to satisfy, and it is expected to spend Rs 172 crore for loan repayments.

Earlier, in the last year, the real estate firm also announced its fund raising plan, but volatile conditions of the stock market forced it to postpone its decision.