Brazilian state-owned lender Banco Nacional de Desenvolvimento Econômico e Social on Oct. 22 plans to auction its Lotex state lottery operations for a minimum price of 542 million reais, Folha de S.Paulo reported.
Bidders must submit proposals by Oct. 17, according to the report.
BNDES, which has been trying to sell the state lottery business since 2017, reduced the revenue requirement for interested buyers to 560 million reais from 1.2 billion reais. It also extended the number of payment installments for the subscription bonus to eight from four.
The bank's previous bidding attempts were generally met with muted demand. At the end of 2018, the government allowed the bonus to be paid in four installments.
As of Aug. 29, US$1 was equivalent to 4.15 Brazilian reais.
