borrowings for InvITs where Net Borrowings exceeds forty-nine percent of the value of InvIT assets
SEBI 15 th May 2026 SEBI, vide circular, has clarified the permitted end-use of fresh borrowings by Infrastructure Investment Trusts (InvITs) where net borrowings exceed 49% of the value of InvIT assets pursuant to the amendment in Regulation 20(3)(b)(ii) of the SEBI (InvIT) Regulations, 2014. The circular permits utilization of such borrowings towards (i) capital expenditure for enhancement of asset performance or capacity augmentation, (ii) major maintenance expenses relating to road
projects, being non-routine maintenance in accordance with concession agreements, and (iii) refinancing of existing debt of the InvIT, SPV or HoldCo, subject to conditions that the original debt was used for permitted purposes and only the principal amount may be refinanced, excluding interest, charges or fees. The circular has come into force with immediate effect.
