There is a possibility of 15% hike by Voda-Idea & BHARTI in order to go back to the same premium as it used to enjoy over RJIO. For VIL - Though the percentage jump might look steep however on a low base of INR 40bn EBIDTA (2QFY20 annualised) and in the context of Debt of INR1.2t would change little to manage its capex and interest cost requirement. For BHARTI – The above calculation on a consol basis could mean 25% estimated jump in EBIDTA estimates which for a FCF positive company should further aid valuations.