India Inc has mobilised a whopping Rs 23,252 crore through private placement of bonds in the first three months of the current fiscal, even as government entities witnessed a decline in such borrowings.

The funds were mobilised by 36 institutions and represent a 23% increase against Rs 18,851 crore raised in the same period last fiscal, according to database creator Prime, which took into account deals that have a tenor of more than one year.

Private sector accounted for an 85% jump in borrowing through bonds to Rs 4,598 crore from Rs 2,483 crore in the first three months last fiscal. However, government organisations and financial entities witnessed a decrease in their domination, as they mobilised 80% of the total amount, down from 86% a year ago.

The major fall was registered by state-level undertakings as they did not mobilise any fund through the instrument, against Rs 50 crore raised a year ago.

State financial institutions also recorded a fall and touched a level of Rs 15 crore from Rs 77 crore last year, a drop of 81%.

Financial institutions raised funds worth Rs 18,639 crore, a 15% increase from Rs 16,241 crore in the corresponding period of the previous year.

According to Prime, financial services sector continued its dominance on the market as its collective mop-up was Rs 21,962 crore or 95% of the total mobilisation. Power ranked second with 5% share at Rs 1,065 crore.

NABARD mobilised the highest amount of Rs 5,370 crore through private placement of bonds, followed by HDFC (Rs 2,600 crore) and SBI (Rs 2,523 crore). Power Finance Corporation borrowed Rs 1,320 crore, Indian Railway Finance Corporation Rs 1,190 crore, Citifinancial Rs 1,095 crore and Power Grid Corporation Rs 1,065 crore.

Total raising through private placement of bonds last year was Rs 92,355 crore.

Corporate India also raised Rs 9,113 crore through issue of debentures with a tenor of less than one year.

In this, Prime took into account 202 deals by 24 entities. Moreover, Rs 2,317 crore was raised in 17 deals through pass-through certificates (securitised paper), Prime said.