Can a profit making company issue shares at par value

You have to go through provisions of Foreigh Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations 2000.   Rule 5 of Schedule-I dealing with issue price, reads as under:

5. Price of shares issued to persons resident outside India under this Schedule, shall not be less than :—

(a) the price worked out in accordance with the SEBI guidelines, as applicable, where the shares of the company is listed on any recognized stock exchange in India;

(b) the fair valuation of shares done by a SEBI registered Category-I Merchant Banker or a Chartered Accountant as per the discounted free cash flow method, where the shares of the company is not listed on any recognized stock exchange in India; and

(c) the price as applicable to transfer of shares from resident to non-resident as per the pricing guidelines laid down by the Reserve Bank from time to time, where the issue of shares is on preferential allotment.

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