Rishabh Pant becomes most expensive player in IPL history
The India wicketkeeper, 27, was the subject of a bidding war between the Super Giants and his former side, Delhi Capitals.
Pant, who returned to the game in this year's IPL after an 14-month lay-off following a car accident, beat the record set earlier in the day when Shreyas Iyer was signed for 26.75 crore (£2.51m) by Punjab Kings.
Australia seamer Mitchell Starc, who held the record prior to the auction, was signed for 11.75 crore (£1m) by the Capitals, some way short of his 24.75 crore (£2.3m) cost when he was signed by Kolkata Knight Riders last year.
Jos Buttler was the only Englishman in the initial batch of players auctioned in Jeddah, and the England white-ball captain and wicketkeeper was picked up by Gujarat Titans for 15.75 crore (£1.4m).
Liam Livingstone was signed from the second set of players, joining Royal Challengers Bangalore for 8.75 crore (£827,000).
Harry Brook was re-signed by Delhi Capitals for 6.25 crore (£590,000).
Brook had been picked by the Capitals in last December's mini auction but withdrew from the 2024 IPL following the death of his grandmother.
The Capitals also snapped up Australia batter Jake Fraser-McGurk, who hit four half-centuries for them last season, for 9 crore (£850,000).
Hundreds of players will go under the hammer at the IPL's mega auction across Sunday and Monday, with sides looking to build their squads after retentions in October.