Thiruvananthapuram, Aug 24 (IANS): To raise additional funds towards the Chief Ministers Distress Relief Fund (CMDRF) following the floods in Kerala, Finance Minister Thomas Issac on Friday announced a special lottery.

Issac told the media that each ticket would cost Rs 250 and the draw would take place on October 3. The entire proceeds of the lottery will go to the CMDRF.

"The lottery has been named ‘Ashwas' and there would be a first prize of Rs 1 lakh in each series and Rs 5,000 on 108,000 tickets," said Issac.

According to a source in the know of things, in all there would 96 lakh tickets that would be printed in nine series.

"The target of this special lottery is to raise Rs 100 crore, which will be the net profit for the state government after meeting all expenses of this special lottery, if all the 96 lakh tickets are sold," said the source who did not wish to be identified.

The floods have killed some 370 people -- since the monsoon rains began on May 29 -- and caused widespread destruction.