Varun Shipping Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 13, 2008, inter alia, has recommended a final dividend of 20 per cent on the equity share capital of the Company in addition to the two interim dividends of 15 per cent each, which have already been paid for the year ended March 31, 2008. The total dividend for the year works out to 50 per cent compared to 45 per cent in the previous year.