The bank added that it will seek shareholders' approval for scheme.Public sector lender Union Bank of India plans to raise up to Rs 600 crore through "Employee Share Purchase Scheme", subject to shareholders' approval.According to bank, its stakeholders Relationship Committee (SRC) has approved scheme for raising equity capital."The SRC at its meeting held on Thursday, 3 January, 2019, inter alia, discussed and approved following - a scheme namely 'Union Bank of India - Employee Share Purchase Scheme' to raise equity capital aggregating up to Rs 600 crore," bank said in a regulatory filing to BSE.As per filing, bank will raise equity capital by "offering, issuing and allotting up to 8,00,00,000 new equity shares to eligible employees of bank".The bank added that it will seek shareholders' approval for scheme through postal ballot and e-voting.