XML 59 R45.htm IDEA: XBRL DOCUMENT v3.19.1
Employee Stock Option Plan (Tables)
12 Months Ended
Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of restricted stock unit activity
  

Number of

RSUs

  

Weighted Average

Grant-Date

Fair Value

 
Balance, April 1, 2018   0   $0 
Granted   375,000   $7.49 
Balance, March 31, 2019   375,000   $7.49 
Employee Stock Option Scheme of Majesco Limited - Plan 1 [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of activity in the stock options granted

   Year Ended
March 31,
2019
   Year Ended
March 31,
2018
   Year Ended
March 31,
2017
 
Particulars  Number
of Options
   Weighted
Average
Exercise
Price*
   Number
of Option
   Weighted
Average
Exercise
Price*
   Number
of Options
   Weighted
Average
Exercise
Price*
 
Outstanding at the beginning of the year   1,512,791   $3.38    1,624,040   $3.23    2,015,401   $3.23 
Granted during the year   111,000    3.29    151,900    5.60    37,500    7.96 
Forfeited during the year   (94,039)   4.73    (96,453)   6.33    (257,705)   5.57 
Expired during the year   (1,643)   2.75    (9,594)   3.00    (18,145)   2.79 
Exercised during the year   (138,038)   3.58    (157,102)   1.67    (153,011)   1.86 
Transfer adjustment   (—)        (—)        (—)     
Outstanding at the end of the year   1,390,071   $2.93   $1,512,791   $3.38   $1,624,040   $3.06 
Exercisable at the end of the year   1,063,444   $2.62    942,450   $2.69    807,695   $2.18 

 

*The per share value has been converted at year end rate 1 US$=Rs. 69.10, Rs. 64.479 and Rs. 64.85 as of March 31, 2019, 2018 and 2017, respectively.
Schedule of share based awards fair value assumptions
   As of March 31, 
Variables (range)  2019   2018   2017 
Expected term of share options   2-6 Years    6 Years    6 Years 
Risk-free interest rates   7.2-7.88%   6.70%   7.29%
Expected volatility   34-46%   48.97%   51.16%
Expected dividend yield   0%   0%   0%
Schedule of exercise price range

Exercise Price Range*  Number of shares arising out of options   Wtd. Avg. Exercise Price*   Wtd. Avg. remaining Contractual life 
$0.01 – $3.00   762,918   $1.17    5.98 
$3.01 – $6.00   559,653    4.74    5.61 
$6.01 – $9.00   67,500    8.10    8.80 
Total   1,390,071   $1.92    5.93 

 

Exercise Price range*  Number of shares arising out of options   Wtd. Avg. Exercise Price*   Wtd. Avg. remaining Contractual life 
$0.01 – $3.00   692,916   $1.22    5.83 
$3.01 – $6.00   336,528    4.80    7.60 
$6.01 – $9.00   34,000    8.26    7.87 
Total   1,063,444   $2.62    6.46 

 

 

*The per share value has been converted at year end average rate 1 US$= Rs 69.10 as of March 31, 2019.
Majesco 2015 Equity Incentive Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of activity in the stock options granted
   Shares  

Exercise Price

Per Share
   Weighted-Average Remaining Contractual Life   Weighted-Average Exercise Price 
Balance, April 1, 2015      $      $            — 
Granted   2,279,882    4.81 – 7.72   9.07 Years    5.24 
Canceled   (100,497)   4.81 – 6.93        4.95 
Balance, April 1, 2016   2,179,385   $4.81 – 7.72   9.07 Years   $5.25 
Granted   860,331    4.79 – 6.22   9.41 Years    5.56 
Exercised   (2,083)   4.92        4.92 
Canceled   (168,991)   4.81 – 7.53        5.37 
Balance, March 31, 2017   2,868,642   $4.79 – 7.72   8.91 Years   $5.34 
Granted   715,000    4.85 – 5.64   8.77 Years    5.01 
Exercised   (51,249)   4.92 – 5.05        4.94 
Canceled   (254,250)   4.87 – 6.22        5.38 
Balance, March 31, 2018   3,278,143   $4.79 – 7.72   7.69 Years   $5.27 
Granted   370,890    5.25 – 7.64   9.56 Years    7.04 
Exercised   (107,681)   4.87 – 6.22        5.02 
Canceled   (282,085)   4.81 – 7.53        5.25 
Balance, March 31, 2019   3,259,267   $4.79 – 7.72   8.08 Years   $5.49 
Schedule of share based awards fair value assumptions
   2019   2018 
Expected volatility   41% – 50%   41% – 50%
Weighted-average volatility   41%   41%
Expected dividends   0    0 
Expected term (in years)   3 – 5 Years    3 – 5 Years 
Risk-free interest rate   2.5%   0.46%
Schedule of exercise price range
   Weighted-Average   Weighted-Average     
Number  Granted   Exercise Price   Fair Value 
Exercise Price at Stock Price   370,890   $7.04   $3.09 

 

   Number   Weighted-Average   Weighted-Average 
  Granted   Exercise Price   Fair Value 
Exercise Price at Stock Price   715,000   $5.01   $2.21 

 

   Number of Exercisable Options   Weighted-Average Exercise Price 
March 31, 2019   1,729,358   $5.36 
March 31, 2018   1,200,212   $5.45 

 

   Outstanding Stock Options   Exercisable Stock Options 
Range of Exercise Prices  Shares   Weighted-Average
Remaining
Contractual Life
  Weighted-Average
Exercise Price
   Shares   Weighted-Average
Exercise Price
 
$4.79 – $6.22   2,792,561   7.8 Years  $5.16    1,573,542   $5.14 
$7.21 – $7.72   466,709   9.8 Years  $7.41    155,816   $7.64 
Majesco Employee Stock Purchase Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of summary of changes in outstanding warrants

   Outstanding and Exercisable Warrants   Exercise Price Per Warrant   Weighted-Average Remaining Contractual Life   Weighted-Average Exercise
Price
 
Balance, April 1, 2015                                    
Granted   334,064    6.84 – 7.00    1.7    6.85 
Balance, March 31, 2016   334,064             $6.85 
Granted                  
Balance, March 31, 2017   334,064             $6.85 
Expired   (309,064)             6.84 
Balance, March 31, 2018   25,000         2.4   $7.00 
Granted                       — 
Balance, March 31, 2019   25,000         1.4   $7.00 

  

   Number of Exercisable Warrants   Weighted-Average Exercise Price 
March 31, 2019   25,000   $7.00 
March 31, 2018   25,000   $7.00 
Schedule of total amount of compensation expense recognized
   Year Ended   Year Ended   Year Ended 
   March 31,   March 31,   March 31, 
   2019   2018   2017 
Cost of revenue  $255   $639   $360 
Research and development expenses   233    72    118 
Selling, general and administrative expenses   2,453    2,542    1,100 
Total  $2,941   $3,253   $1,578