LinuxCnc with Copley controls-Stepnet ST3-055-04?

varun0421 wrote:

www.geckodrive.com/geckodrive-step-motor-drives/g540.html
www.intellidrives.com/powered-series-p-71.html
pico-systems.com/univstep.html

The G540 is definitely useable, and has been used for many LinuxCNC installations. There is a bit of a quirk with the charge-pump needing rather more current than it should. It can be disabled if your parallel port is weedy.
I don't know anything about the intellidrive
The Pico USC is definitely LinuxCNC compatible, but does not, itself, drive stepper motors. It is an interface / step generator board that goes between the parallel port and stepper power drivers. (It moves the step generation task into hardware, so can create step pulses orders of magnitude faster than a parallel port).

varun0421 wrote:

Are there any other drives that may be better suited for my application?

It depends how price-sensitive you are.
One of the cheap three-axis boards from eBay might do all that you need at a much lower cost.
www.ebay.com/itm/251169172145
As a randomly-chosen example.

varun0421 wrote:

TWill these boards from ebay pose a threat to the stage and the stepper motors in anyway? I heard somewhere that these boards might fry the stepper motors.

They are quite good at frying themselves, but I have not heard of them managing to damage a motor. (you need to set the current-limit jumpers correctly, though)
Getting started with something like that will hep ou work out what you need, and might well be perfectly adequate.

My budget is around 300$.

The G540 is a good set of boards, but individual drivers might make more sense. Finding out if you are step-rate limited might inform the purchase decision.
I think that the Pico USC would eat too much of your budget, but a Mesa 5i25 + individual stepper drives might work. Do you know the current rating of the motors?

varun0421 wrote:

I do not know the current rating of the motors.
Is there a way i can find them or will i need to contact the manufacturer?

There is not an easy way to tell if there is no label on the motor.

www.ebay.com/itm/3-Axis-TB6560-CNC-Stepp...roller-/270549461424

I have no preference. That one looks slightly better quality, but more expensive.