There is some guidelines for warrants and preferential allotment in listed entities by SEBI but unlisted companies don’t come under its purview. New investors in unlisted companies can buy at any valuation depending upon their internal assessment and upon aggreement with the promoter. Many promoters sell their stake at lower valuation to renowned investors to gain credibility. There is no legal way to stop a company from selling their share at lower price.
Let me remind everyone that Pharmeasy did a rights issue at 90% discount!!!