ATHENS--Greece has asked an international consortium led by OPAP SA (OPAP.AT) to submit a higher bid for the country's state lottery, the agency overseeing the privatization program said Monday.

The consortium, led by Greece's state owned gaming monopoly OPAP, became the final and sole bidder to manage state lotteries in late November.

The consortium's bid was submitted Monday, but the Hellenic Republic Asset Development Fund has decided to request a higher amount.

"The new financial offer will be evaluated by HRADF's Board of Directors at its next meeting Dec. 12," the fund said in a statement.

The international tender covers the privatization of the exclusive right to produce, operate, circulate, promote and manage the Hellenic Republic's state lotteries for 12 years.

The tender is one of the first concrete steps undertaken by Greece in almost two years to push forward its long-delayed privatization program.

Greece has only raised about 1.6 billion euros ($2.07 billion) since its first bailout loan in May 2010 and has acknowledged that it will miss this year's goal of EUR3 billion from privatizations.

The country's early goal of raising a mammoth EUR50 billion by 2019 has been repeatedly scaled back and, according to the draft dated Nov. 10, Greece will now aim for EUR11.1 billion in privatization proceeds by the end of 2016 and EUR50 billion at some indeterminate time in the future.

Write to Nektaria Stamouli at nektaria.stamouli@dowjones.com

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