A company can issue a share having a face value of ₹10 at ..........

Both options 1 and 2

The correct answer is option 4- Both options 1 and 2.

 A company can issue shares at:
Par (face) value – which is ₹10.
Premium – more than the face value, like ₹11.

However, issuing shares at a discount (₹9) is generally not allowed under the Companies Act, 2013 (India). As per Companies Act 2013, a company shall not issue shares at a discount except as provided in section 54 for issue of sweat equity shares.