``In 1996-97, the mobilisation was Rs 18,391 crore, while 1997-98 saw this rise to a high Rs 30,983. The drop is mainly attributable to the lower mobilisation by financial institutions, down from Rs 12,744 crore in 1997-98 to only Rs 2,313 crore in the recent quarter,'' according to Prime Database.The highest mobilisation through debt private placement during the quarter was made by IDBI (Rs 774 crore), followed IFCI (Rs 590 crore), SAIL( Rs 570 crore), ICICI (Rs 415 crore), KBJN (Rs 320 crore), MKVDC (Rs 303 crore) and RSEB (Rs 300 crore).

Significantly, a high 80 per cent of the total amount was mopped up by government organisations. This represented an increase from its 75 per cent share in 1997-98 through a fall from 90 per cent in 1996-97.Among government organisations, financial institutions and banks led with a 34 per cent share (Rs 2313 crore), followed with 27 per cent share by state level undertakings (Rs 1812 crore) and 18 per cent share by PSUs (Rs 1,233 crore) with no raising by state financial institutions. On the other hand, the private sector raised Rs 1,371 crore, representing 20 per cent of the total mobilisation.According to Prime, a notable feature of the quarter was the growing emergence of state level undertakings, which raised resources primarily for infrastructure. From a meagre Rs 311 crore in 1995-96, Rs 2,630 crore in 1996-97 and Rs 6,726 crore in 1997-98, the recent quarter saw this sector raising a high Rs 1,812 crore. The major mobilisers were Krishna Bhagya Jala Nigam (Rs 320 crore), MKVDC (Rs 303 crore), PSEB (Rs 250 crore) and KSEB (Rs 200 crore).

The quarter witnessed a marked decline in the mobilisation by the private sector. While Rs 7,763 crore was raised by 95 companies in full 1997-98, the recent quarter sawthis sector raise only Rs 1371 crore.

The financial sector continued to dominate the market, collectively raising Rs 2,594 crore or 38 per cent of the total amount. Power ranked second with a 19 per cent share (Rs 1288 crore) followed by steel (Rs 877 crore) and water resources (Rs 517 crore).

About 45 of the 69 issues went for credit rating. Of the total Rs 6730 crore, an amount of Rs 5226 crore (78 per cent) was raised by rated issues and Rs 1,504 crore by unrated issues. Only 27 of the 69 issue opted for listing. National Stock Exchange occupied the top position with 25 of the 27 issue proposing listing with it.