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Other financial liabilities

12 Months Ended

Mar. 31, 2023

36 Other financial liabilities

Schedule of other financial liabilities

		2022		2023
		March 31,
		2022		2023
Current
Due to employees			120,756		63,860
Share warrants# (refer to note 7)			-		-
Deposits*	*		308,701		353,154
Total			429,457		417,014

Deposit received from the Global Distribution System provider (GDS), which is repayable at the end of the contract and interest free nature was initially recognised at fair value. The difference between the deposit received and fair value initially recognised is treated as deferred consideration under Note 37. Deposits are subsequently measured at amortised cost and unwinding is recognised under finance cost. The deferred consideration recognised is amortised over the tenure of deposit on straight line basis and amortisation is recognised as revenue.

#Warrants—Macquarie (considered derivative instruments)

In conjunction with various financing transactions, the Company issued warrants (except quoted warrants) to purchase the Company’s common stock and preference shares. These warrants are classified to be derivative instruments and as such, are recorded at fair value through profit and loss account. The Company estimates the fair values of the warrants at each reporting period using a Black-Scholes option-pricing model.

The Company will continue to adjust the fair value of the warrant liability at the end of each reporting period for changes in fair value from the prior period until the earlier of the exercise or expiration of the applicable warrants or until such time that the warrants are no longer determined to be derivative instruments. The fair value of Macquarie Warrant outstanding as at March 31, 2023 is INR Nil (March 31, 2022: INR Nil).

Warrants—Innoven (considered equity)

During the financial year ending March 31, 2018, the Company had further allotted warrants against the loan facility, the fair values of the warrants was taken using a Black-Scholes option-pricing model as on the date of the allotment. These warrants are classified to be equity instruments and accounted for on the same basis. On September 12, 2022, these outstanding warrants were lapsed unexercised. Consequently, the amount originally credited to equity remains within equity. (Refer to Note 30).

Warrants give the holder the right to purchase ordinary shares from the Company at a specific price within a certain time frame. The details of the warrants issued is as follows:

Number of shares

Date of issue

Exercise price

Expiration date

Macquarie Corporate Holdings Pty Limited - Ordinary shares*

46,458

24-Jul-15

INR 2,040.90 ($26.90

)

24-Jul-23**

Innoven Capital - Ordinary shares

154,000

12-Sep-17

INR910.44($12

)

12-Sep-22

On December 16, 2016, the Parent Company converted its preference shares into ordinary shares and effectuated a reverse 5.4242194-for-one share split of its ordinary shares as well as a 5.4242194-for-one adjustment with respect to the number of ordinary shares underlying its share options and a corresponding adjustment to the exercise prices of such options.

**	Subsequent to balance sheet date, on July 24, 2023, these outstanding warrants lapsed unexercised.

Refer to Note 7 (considered derivative instruments) and Note 30 (considered equity), for movement in warrants during the year.