The circular clarifies regarding permitted use of fresh borrowings by Infrastructure Investment Trusts (InvITs) when net borrowings exceed 49% of the value of InvIT assets. SEBI has specified that such borrowings may be used for capital expenditure aimed at enhancing asset performance or increasing capacity, major maintenance expenses for road projects, and refinancing of debt subject to conditions. For road projects, major maintenance must be non-routine and aligned with concession agreement obligations.