InvIT borrowing rules expand permitted use for capital expenditure, major maintenance, and eligible debt refinancing. Permitted use of fresh borrowings by an InvIT where net borrowings exceed forty-nine percent of asset value includes capital expenditure for asset performance enhancement or capacity augmentation, major maintenance expense for road projects under concession agreement obligations, and refinancing of eligible debt. In refinancing cases, only the principal portion of debt may be refinanced, while accumulated interest, charges and fees are excluded. The circular applies immediately.