Rangers raise more than £3m from share issue

Ibrox stadium

Rangers International Football Club plc have revealed they have raised £3.13m from a share issue.

The Ibrox outfit were hoping to raise £4m after almost 20 million new shares were made available to existing shareholders at the end of August.

But, having sold 15,667,860 shares, Rangers surpassed the minimum amount of sales required.

The share issue was intended to provide short-term working capital as well as part repayment for loans.

Last month, Rangers said that if the minimum level of £3m was raised from the share issue, which closed on Friday, they would then have to raise additional working capital by the end of the calendar year.

The board intends to seek permission from shareholders at this year's annual meeting to allow them to raise further funds from a wider share issue.