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One of the major drawbacks of orthogonal frequency division multiplexing (OFDM) is the high peak-to-average power ratio (PAPR) of the transmitted OFDM signal. Partial transmit sequence (PTS) technique can improve the PAPR statistics of an OFDM signal. However optimum PTS (OPTS) technique requires an exhaustive search over all combinations of allowed phase factors, the search complexity increases exponentially with the number of sub-blocks. By combining sub-optimal PTS with a preset threshold, a novel reduced complexity PTS (RC-PTS) technique is presented to decrease the computational complexity. Numerical results show that the proposed approach can achieve better performance with lower computational complexity when compared to that of other PTS approaches.