Rangers are set to bank more than £5 million after issuing 26.7 million new shares, the second issue this year.

Paperwork lodged at Companies House on Monday confirmed the deal with 20p paid per share, with a total of 26,724,800 issued between 6 to 26 February. The sum raised is £5,344,960, with 532,223,088 shares now in the club in total.

The reason for the new share issue remains unknown – it could be fresh investment or loans converted into shares – and it comes after 18 million shares were issued by the club in January.

Companies House paperwork filed on 19 February showed that those shares were also purchased at 20p each for a total cost of £3.6m between 20 December and 23 January.

The off-field action continues amid the backdrop of a disappointing domestic campaign, although a rousing Europa League run has given fans reason to cheer, with Barry Ferguson looking to steer his side into the quarter-finals with victory over Fenerbache on Thursday.

Rangers are currently in talks about a proposed takeover by a US consortium led by Paraag Marathe, president of the San Francisco 49ers investment arm, 49ers Enterprises, which owns Leeds United, and Andrew Cavenagh, executive chairman of health insurance firm ParetoHealth.

Their intention is to acquire at least 51% of the shares in the Ibrox club, with a deal expected to be formally completed before the start of next season.