The fiscal 1996-97 and 1997-98 witnessed mobilisations Rs 18,391 crore and Rs 30,983 crore respectively, it said.

Government organisations and DFIs continued to dominate placement market with 81 per cent share of the total amount raised in private debt market, Prime said.

IDBI led the pack of DFIs with Rs 5,462 crore raised via private placement in 1998-99, Prime Data said, adding ICICI and IFCI with Rs 3,087 crore and Rs 2,922 crore stood second and third respectively.

The 127 private sector companies raised Rs 7,426 crore in 1998-99, shed lower than rs 7763 crore raised by 81 private companies in 1997-98.

Most of the funds raised by the state-level undertakings belonged to infrastructure sector like power, road and water resources, it said.

Private placement market has been restricted to only institutional investors, with hardly anyretailing and the placements did not reflect direct mobilisation of household savings as in the case of primary market, Prime said.