Bollywood actress Shilpa Shetty [ Images ] and her business partner Raj Kundra [ Images ] on Tuesday bought a 12 per cent stake in the Indian Premier League [ Images ] team Rajasthan Royals [ Images ], the inaugural champions of the Twenty20 [ Images ] 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 [ Images ] and has international stars like South African skipper Graeme Smith [ Images ] and Aussie all-rounder Shane Watson [ Images ] in its fold.

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

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

While Shah Rukh owns Kolkata Knight Riders [ Images ], Preity has a stake in Kings XI Punjab [ Images ], 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.