Union Bank of India has raised Rs 426 crore from its sale of shares to employees. However, the fund raising fell short of the targeted Rs 470 crore. The state-owned bank has allotted 7.29 crore equity shares at Rs 58.49 a share to employees under the Employees Stock Purchase Scheme (ESPS). Many lenders have resorted to ESPS route to bring down government’s holding below 75%. SEBI mandates every listed company to have minimum 25% public shareholding. However, government holding in Union Bank stood at 67.43% as at December end.