New Delhi, Feb 21 The Jaipur franchise has been penalised for spending less amount than the mandatory sum set by the Indian Premier League organisers for players' auction in Mumbai.

The Jaipur team was required to spend USD 3.3 million (approx Rs 13.17 crore) but they ended up shelling out only USD 2.9 million (approx Rs 11.8 crore) for eight players.

"The Jaipur team has been penalised for spending less than the mandatory amount in yesterday's players' auction," IPL Chairman Lalit Modi told PTI today.

"In penalty, they will have to pay the difference to the orgnisers," he said.

Five of the eight franchises, however, spent more than the maximum limit of USD 5 million.

As per the IPL rules if a player is expected to be "either completely unavailable or only available for less than four of the matches in 2008, 25 per cent of the fee bid for that player in the auction will count against the USD 5 million purse".

Jaipur have bought Mohammad Kaif (Rs 2.7 crore), Graeme Smith (Rs 1.9 crore), Yusuf Pathan (Rs 1.9 crore), Shane Warne (Rs 1.7 crore), Munaf Patel (Rs 1.1 crore), Younis Khan (Rs 90 lakh), Kamran Akmal (Rs 60 lakh), Justin Langer (Rs 80 lakh). (Agencies)