September 27, 2018 / 9:51 PM / a year ago

Brazil to auction off state lottery in November

SAO PAULO, Sept 27 (Reuters) - Brazil will auction off the lottery unit of state bank Caixa Econômica Federal on Nov. 29 via the Sao Paulo stock exchange, state development bank BNDES said in a statement on Thursday.

BNDES is in charge of the sale process for the 15-year concession to operate the lottery with a minimum bid set at 156 million reais ($38.88 million). For each of the first three years, the operator must additionally make annual payments of 162 million reais.

In early July the bank had to cancel a planned auction of its lottery unit due to a lack of bidders.

$1 = 4.0127 reais Reporting by Carolina Mandl Editing by Tom Brown

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