Pramod,

Take a look at the 7212 display driver IC.
This multiplexes 8 7seg displays I believe.
Depending how long the segments are on, will determine the LED current. I used 1ms for the segment on times and typical scan rates are around 120 hz, lower and you'll see flicker.
I have done this with 595's for both segment and digit selection, and the over head was about 1us with a 3-wrie interface.

Have fun