Union Bank of India is proposing to raise up to Rs 600 crore by issuing shares to its employees under a staff stock purchase scheme. The bank has set up a ‘Union Bank of India-Employee Share Purchase Scheme’ to offer up to 8 crore new equity shares to the eligible employees of the bank. Earlier, Syndicate Bank announced it would raise up to Rs 500 crore by issuing shares to its employees under the employee stock purchase scheme. Vijaya Bank too said it would issue up to 5 crore fresh equity shares to its employees in one or multiple tranches under Vijaya Bank ESPS.
