Explanation:

- Option 1: At par

- Shares issued at par mean they are sold at their face value.

- This is often done when a company is trying to raise funds without overvaluing its shares.

- Option 2: At premium

- Shares issued at a premium are sold above their face value.

- Companies usually issue shares at a premium when they have a good market reputation or healthy financials.

- Option 3: At discount

- Shares issued at a discount are sold below their face value.

- This approach might be used to attract investors when a company is eager to raise capital quickly.

- Option 4: All the above

- Shares can indeed be issued at par, at premium, or at a discount, depending on the company's strategy and circumstances.