SAO PAULO, Jan 5 (Reuters) - Brazil state development bank BNDES announced on Wednesday that the capitalization offer for state-run power company Eletrobras (ELET6.SA) to be privatized is expected to happen by mid-March, while its pricing is seen occurring in April. BNDES head of divestments Leonardo Mandelblatt told a public hearing that the bank expects federal audit court TCU to issue a decision in March allowing the privatization process to go ahead.