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This paper discusses a novel, reduced complexity implementation of the Partial Transmit Sequence technique (PTS) for reducing the Peak to Average Power Ratio (PAPR) of OFDM signals. The original PTS provides good PAPR reduction at the cost of computational complexity. The use of large number of IFFT blocks in PTS has been replaced by a single IFFT block. The parallel processing of the PTSs has been replaced by serial processing. Reducing the number of IFFT blocks and replacing parallel processing by serial processing reduces the computational complexity. The simulation results demonstrate that the proposed technique provides performance as good as standard PTS.