VIL requires INR600b over the next eight quarters to fund (a) estimated capex of INR326b, (b) spectrum payment liabilities of INR213b and (c) external debt servicing and interest cost. The rights issue of INR250b, along with Ideas INR50b stake sale in Indus, current cash position, and cumulative EBITDA of INR220b until FY21, will be the sources of funds. Despite the huge fund raise and the estimated EBITDA increase to INR126b by FY21, net debt is likely to remain at INR1,060b, with the net debt-to-EBITDA ratio at a steep 8.4x. Unlike Bhartis fund raise, which will help it to deleverage the balance sheet significantly, VILs estimated annual capex requirement and interest burden of over INR200b in FY21 may not be fulfilled even with an optimistic EBITDA of INR126b. Thus, without an ARPU increase, it may need another round of fund-raise to survive. Given the cash flow and capex requirements for telcos and the current price plans offered, there exists a huge opportunity to increase ARPU.