Kindly solve this question

Question 1: Red Shoe Co. has concluded that additional equity fi nancing will be needed to expand operations and that the needed funds will be best obtained through a rights offering. It has correctly determined that as a result of the rights offering, the share price will fall from $81 to $74.80 ($81 is the rights-on price; $74.80 is the ex-rights price, also known as the when-issued price). The company is seeking $20 million in additional funds with a per-share subscription price equal to $40. How many shares are there currently, before the offering? (Assume that the increment to the market value of the equity equals the gross proceeds from the offering.)