Navana Pharmaceuticals has received approval from the Bangladesh Securities and Exchange Commission (BSEC) to issue a partial convertible bond worth Tk 150 crore. 

The bond, priced at a face value of Tk 100,000 per unit, aims to refinance the company's existing bank loan, according to a filing on the Dhaka Stock Exchange. 

A convertible bond is a fixed-income corporate debt security that yields interest payments, but can be converted into a predetermined number of common stock or equity shares.

The BSEC's consent letter ensures that the full payment of the bond is secured by a bank guarantee, the filing said.