Rangers have issued 7.7million new shares in the club.

Paperwork filed on Companies House revealed the update and pricing for the shares.

According to the official "Return of Allotment of Shares" document, 25p will be paid for each share.

That means the club would raise £1.93m by selling the 7.7m offered in April.

The Price of Football author Kieran Maguire spotted the Companies House information - but suggested it's unclear whether the shares are for cash or loans converted to equity.

He tweeted: "Rangers issue 7.7 million shares at 25 pence each.

READ MORE: SFA chief insists 'VAR is working' but admits 'teething problems'

"Not clear if for cash or loans converted to equity."

It comes just two months after Rangers last issued shares at 25p.

The club announced 4.2m shares were allotted to investors in February - which translates to a total of £1.05m.

Rangers Review:

For both official share announcements, the nominal value of each share was noted as 0.01 with 0.25 paid.

The "prescribed particulars" for both share documents read: "The ordinary shares shall be non redeemable but shall hold full rights in respect of voting, and shall entitle the holder to full participation in respect of equity and in the event of a winding up of the company.

"The shares may be considered by the directors when considering dividends from time to time."

Rangers Review:

The Insider newsletter is the latest move by the team at the Rangers Review to bring content directly to you. We already have accounts on Facebook, Youtube, Twitter, Tik Tok and Instagram but we will also send exclusive bespoke opinion pieces every day at 5pm direct to your email. Not only will you receive this piece from one of our team of Joshua Barrie, Derek Clark or Jonny McFarlane but you will also get our list of the best content published in the last 24 hours. It's a handy way to keep abreast of what's going on amid all the noise surrounding Scotland's most successful club. You can sign up here in five seconds with just an email address.