Orient Paper & Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 21, 2008, inter alia, has recommended a Final Dividend of Re 0.70/- per Equity Share (70%) for the year ended March 31, 2008. This is addition of the Interim Dividend of Rs 5/- per Equity Share (50%) on fully paid up shares and Rs 2.50 (50%) on partly paid up shares declared and paid by the Company during the year.

The Board also recommended payment of dividend on 7,00,000 Preference shares of Rs 100/- each @ 12% per annum for the period of October 01, 2007 to March 31, 2008. The Company has noted that the Dividend on Preference Shares for the period of April 01, 2007 to September 30, 2007 was declared and paid during the year by the Company.

Further the Company has informed that, the Board of Directors of the Company decided to merge M/s. Air-conditioning Corporation Ltd., a wholly owned subsidiary with the Company subject to such approvals as may be required.