Eurotunnel, the operator of the Channel Tunnel, is aiming to secure its long-term future by raising more than £700million from a rights issue.

Shares in Eurotunnel were suspended on Monday ahead of the latest announcement which is designed to protect existing shareholders.

The fully underwritten share issue at 8.75 euros per share should raise 915.4million euros and is the second stage in a £1.34bn total fund-raising package.

Jacques Gounon, chairman of Groupe Eurotunnel SA (GET), said the issue would reduce financial charges and give the company "further room for manoeuvre to control our future".

Earlier this month Eurotunnel announced its first annual profit. The one million euro pro-forma profit was seen as a sign of good times for the firm, which underwent massive restructuring last year.

Shareholders can exercise their right to buy more shares between April 30 and May 16. In March, the company issued 800million euros in deferred shares.

Shareholders who keep the new shares until March 6, 2011, will receive one free additional new share for every 22 new shares.

The rights issue is underwritten by a banking syndicate..