State-owned Union Bank of India Thursday said it would raise up to Rs 600 crore by issuing shares to its employees under staff stock purchase scheme.The stakeholders relationship committee of bank in its meeting on Thursday approved 'Union Bank of India-Employee Share Purchase Scheme' to raise equity capital aggregating up to Rs 600 crore by offering up to 8 crore new equity shares to eligible employees of bank, it said in a regulatory filing.On Wednesday, Syndicate Bank had said it would raise up to Rs 500 crore by issuing shares to its employees under employee stock purchase scheme.Vijaya Bank had also said it would issue up to 5 crore fresh equity shares to its employees in one or multiple tranches under Vijaya Bank ESPS.Shares of Union Bank closed 0.57 per cent up at Rs 88.85 apiece on BSE.