Bangalore Royal Challengers have bought Pakistan middle order batsman Misbah-ul-Haq for USD 125,000 at the second players' auction for the Indian Premier League in Mumbai on Tuesday.
The BCCI-floated IPL is conducting a second players' auction to help the team franchises to finalise their playing squads at least thirty days prior to the start of the Twenty20 event on April 18.
Meanwhile in Kolkata, Bollywood actor Shah Rukh Khan unveiled his team - Knightriders. Former India captain Sourav Ganguly will lead the team.
Update at 14:30 IST
Bangalore Royal Challengers seem to be on a buying spree. Apart from Misbah, they have also succesfully bid for Abdur Razzak and Indian under-19 captain Virat Kohli.
Virat's teammate Pradeep Sangwan will play for his home team of Delhi.
The Kolkata team have added two more knights to their army. They have bought Pakistan cricketers Salman Butt and Mohammad Hafeez.
The Jaipur franchisee, which had the maximum money left after the first players' auction on February 20 have picked up Aussie Shane Watson, Pakistan bowler Sohail Tanvir and Morne Morkel of South Africa.
Amounts for which these players have been bid are yet to be announced.
Update at 14:45 IST
Mohali have picked up four players including Australian players Luke Pomersbach and James Hopes. They have also got under-19 players Tanmay Srivastava and Ajitesh Argal.
England player Dmitri Mascarenhas has been bought by Jaipur, while South Africa's Ashwell Prince has been won by Mumbai.
Update at 15:00 IST
Mohammad Yousuf from Pakistan found no takers while under-19 player Shreevats Goswami was picked up by Bangalore.
Update at 15:15 IST
New Zealand fast bowler Kyle Mills has been bought over by Mohali while his teammate Ross Taylor has been picked up by Bangalore.
Update at 15:30 IST
Jaipur has recruited under-19 players Taruvar Kohli and Ravindra Jadeja. Kolkata Knight Riders have picked up under-19 cricketers Siddhart Kaul and Iqbal Abdulla.
Mumbai Indians have picked up under-19 players Saurabh Tiwari while Chennai now has in its wings, Napoleon Einstein, Abhinav Mukund and Viraj Kadbe.
The second IPL auction in Mumbai will kick off at 13:00 IST and will see 25 players go under the hammer.
The new club of 25 players participating in the auction include Pakistan players Misbah-ul-Haq, Salman Butt, Mohammed Yousuf and Yasir Hameed.
The list of Kiwi players includes pacemen Kyle Mills, James Franklin and Chris Martin, spinner Jeetan Patel and batsmen Ross Taylor, Peter Fulton and Jamie How.
The six Australians on the table are Shane Watson, Brad Hodge, James Hopes, Phil Jaques, Brett Geeves and Luke Pomerbach.
The two South Africans include Morne Morkel and Aswell Prince.
Mohammad Ashraful, Mashrafe Mortaza and Abdur Razzak are the three platers from Bangladesh while the lone Sri Lankan in the fray is Prasanna Jayawardena.
All 16 members of the under-19 World Cup winning Indian squad and another under-19 player who would be nominated by the IPL Governing Council, would be allocated to the franchisees on a "draft" format.
These colts can be signed at a fixed player fee of $30,000 and the list includes captain Virat Kohli, Saurabh Tiwary, Srivats Goswami and Taruvar Kohli from the victorious U19 World Cup team.
According to the "draft" format, franchise owners will pick up numbers 1-8. The franchise which draws number 1 in the draft will be able to pick the best player that they perceive from the list. The same franchise will also get the 16th choice in the draft.
Australian paceman Shaun Tait, who took a self imposed indefinite exile from international cricket and the recently retired Brad Hogg wanted to be part of the auction but neither find a place in the list for Tuesday's auction.