Groupe Eurotunnel shareholders should avoid some of the deep dilution of their stakes that looked all but certain after last year’s restructuring, following the launch of a complex plan to raise funds through new equity issues.

The plan, announced on Wednesday, will see the operator of the Channel Tunnel between England and France seek to raise €800m ($1.17bn) immediately through the issue of subordinated deferred equity securities. It then plans a rights issue to raise a further €900m in June.