BLUE COAST HOTELS LTD. announced a proposal to change the rights of existing Redeemable Preference Shares, reducing the coupon rate from 10% to 0.01%, waiving 95% of accrued dividends totaling Rs. 8617.82 lakhs, and converting 6,93,110 Redeemable Preference Shares into 69,31,100 Equity Shares at a conversion price of Rs. 10 each, pending shareholder approval.