The Japanese automaker exited the joint venture through a series of off-market transactions by giving the Munjal family—which held a 26% stake in the company—an additional 26%. Honda, wanting to focus only on its independent fully owned two-wheeler subsidiary—Honda Motorcycle and Scooter India (HMSI)—, exited Hero Honda at a discount and get over for its stake. The discount was between 30% and 50% to the current value of Honda's stake as per the price of the stock after the market closed on 16 December 2010.