Pune Warriors India batsman Steven Smith plays a shot during the IPL Twenty20 cricket match between Pune Warriors India and Rajasthan Royals at The Sahara Stadium in Pune on May 8, 2012. RESTRICTED TO EDITORIAL USE. MOBILE USE WITHIN NEWS PACKAGE. AFP PHOTO/Punit PARANJPE (Photo credit should read PUNIT PARANJPE/AFP/GettyImages)

The Indian Premier league draft was held on Tuesday night, with several Aussie stars up for grabs.

The league's two newest teams, Pune and Rajkot, were able to select five players each from the pool of players who were previously contracted by Rajasthan and Chennai, after both sides were suspended for 12 months over corruption charges.

Australian captain Steve Smith was picked up by Team Pune for AUD$1.14 million, while James Faulkner will earn the same amount of money as Smith after being selected by the other new franchise, Team Rajkot.

Suresh Raina, Ravindra Jadeja, Brendon McCullum and Dwayne Bravo will join Faulkner at Rajkot.

Smith will be joined by MS Dhoni, Ajinkya Rahane, Ravi Ashwin and Faf du Plessis at Pune.

However, fellow Aussies Kane Richardson, Shane Watson, Ben Cutting, Andrew Tye and Mike Hussey all missed out on selection in the draft. They will now be sent to the IPL auction in February.

Former Indian captain Ms Dhoni was selected with the No.1 pick by Pune for AUD$2.6 million.