Bollywood actress Shilpa Shetty and her business partner Raj Kundra today bought a 12 per cent stake in the Indian Premier League team Rajasthan Royals, the inaugural champions of the Twenty20 event.

Shetty and Kundra, a UK-based entrepreneur, are reportedly set to invest #15.4 million in the team, which is led by Australian spin legend Shane Warne and has international stars like South African skipper Graeme Smith and Aussie all-rounder Shane Watson in its fold.

"They have bought an approximately 12 per cent stake in the team," Rajasthan Royals owner Manoj Badale told reporters here.

Shetty thus becomes the third Bollywood star after Shah Rukh Khan and Preity Zinta to buy a stake in IPL teams.

While Shah Rukh owns Kolkata Knight Riders, Preity has a stake in Kings XI Punjab, the semi-finalists last year.

Shetty said she would have a role in the team's promotional activities this year. "I will be promoting the team. Perhaps a music video will also come," she quipped.