Mahanagar Gas Limited announced significant changes to its directorate following a board meeting held on April 10, 2026. The company has appointed a new Managing Director while the current incumbent prepares to step down, marking a leadership transition at the natural gas distribution company.

Board Meeting and Regulatory Disclosure

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company disclosed the directorate changes through official communication to BSE Limited and National Stock Exchange of India Limited. The disclosure was signed by Company Secretary & Compliance Officer Atul Prabhu on April 10, 2026.

New Managing Director Appointment

The board of directors, based on the recommendation of the Nomination and Remuneration Committee, approved the appointment of Praveer Kumar Srivastava as Additional Director and Managing Director. The appointment details are structured as follows:

Leadership Transition

Ashu Shinghal will cease to be the Managing Director of the company with effect from April 30, 2026. His departure follows GAIL (India) Limited's nomination withdrawal letter dated March 10, 2026. The company acknowledged Shinghal's contributions, stating that it has "immensely benefitted from the contribution, guidance and leadership" during his tenure as Managing Director.

Professional Background of New Appointee

Praveer Kumar Srivastava brings extensive experience to his new role, with a distinguished career spanning over three decades at GAIL (India) Limited. His qualifications and experience include:

• Chemical Engineer from IIT Kharagpur
• Certified Energy Auditor by the National Productivity Council
• Deep involvement in operations and maintenance of Gas Processing Units and pipeline networks
• Project execution experience across multiple strategic GAIL installations

Key Leadership Roles

Srivastava has held several strategic positions within GAIL, contributing to major corporate initiatives:

• Leadership roles in Planning, Strategy & Advocacy
• Business Development responsibilities
• Gas Management Centre operations
• C&MD Secretariat at GAIL Corporate Office

His contributions include significant involvement in GAIL Strategy 2030, organizational change management, sustainability initiatives, and the company's Net Zero Action roadmap.

Clean Energy Initiatives

The new Managing Director has played instrumental roles in India's clean energy transition through various projects:

• Installation of one of India's largest Proton Exchange Membrane (PEM) Green Hydrogen production plants at GAIL Vijaipur
• Commissioning of India's first Hydrogen Blending Pilot Project
• Launch of GAIL's first Small-Scale LNG Project

Current Responsibilities

Currently serving as Executive Director, Western Region at GAIL, Srivastava leads the Western Region team and oversees Operations & Maintenance and Marketing functions across the Western Regional Pipeline Network. This infrastructure connects major LNG terminals such as Dahej and Dabhol with downstream pipeline systems and key industrial load centres, serving power plants, fertilizer units, chemical industries, and city gas distribution companies across western India.

Regulatory Compliance

The appointment follows all regulatory requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that Srivastava is not debarred from holding the office of Director by any SEBI order or other authority, and he is not related to any existing directors of the company.

Mahanagar gas has received a substantial acquisition disclosure from Prudential plc and its subsidiary companies under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure reveals a reduction in shareholding through a market sale transaction completed on 6th April 2026.

Transaction Details

The transaction involved the sale of 728,763 shares, representing 0.74% of Mahanagar Gas Limited's total share capital. This sale was executed through market sale mechanism, with the disclosure filed by Eastspring Investments (Singapore) Limited on behalf of Prudential plc.

Shareholding Changes

The transaction resulted in a significant reduction in Prudential plc's stake in Mahanagar Gas Limited. Prior to this sale, the entity held 3,115,890 shares representing 3.15% of the company's total voting capital.

Company Information

Mahanagar Gas Limited's shares are listed on both BSE Limited and National Stock Exchange of India Limited. The company's equity share capital remained unchanged at INR 987,777,780 both before and after the transaction. Prudential plc does not belong to the promoter or promoter group of Mahanagar Gas Limited.

Regulatory Compliance

The disclosure was signed by Siew May Lim, Director of Global Shareholder Reporting, acting for and on behalf of Eastspring Investment (Singapore) Limited. The filing was submitted to both stock exchanges where Mahanagar Gas Limited shares are traded, ensuring full regulatory compliance with SEBI takeover regulations.