Rangers tonight announced they had raised more than £22million from their listing on the London Stock Exchange.

Chief executive Charles Green previously stated he had secured £17million in pledges from institutional investors and had set aside £10million for fans to buy a stake.

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An estimated £5m has been raised from fans.

A statement tonight read: "A total of £22.2 million has been raised from professional and institutional investors and supporters which will be used to take the club forward, strengthen the squad when appropriate and improve facilities."

The club has received a commemorative plaque from the London Stock Exchange on the successful listing of shares. Trading in them starts tomorrow when the market opens at 8am.

Mr Green said: “I look forward to the club growing in value as we get back to our rightful place at the top of Scottish football.

“This is an exciting time for everyone associated with this 140 year old institution but we are just at the start of the journey.

“We are rebuilding and Rangers will rise again and we will do so with the help of our fans and the institutional investors who are on board.

“This process has generated over £22 million which has exceeded the figure of £20m that we set out to raise when we announced our intention to float the company on 11th October 2012.

“I would like to thank our supporters who stepped up to the plate when asked to buy season tickets earlier in the season and have done so again at a time of year when money is extremely tight.”

The listed company, which will trade on the AIM market, is called Rangers International Football Club plc and will act as the holding company for the club.

Green was listed as the club's main shareholder in the share prospectus with a stake of almost 15%, which will now be diluted. He had not planned to add to his shares.

Newcastle owner Mike Ashley was the third largest shareholder with 9% before the issue of extra shares, behind a consortium called Blue Pitch Holdings.

Manager Ally McCoist had almost a 3% stake before the issue and said he planned to buy more, although his shareholding will be diluted.