In this paper, we propose a novel peak to average power ratio (PAPR) reduction scheme of orthogonal frequency division multiplexing (OFDM) signals. In our proposed scheme we exploit the repeated rotation and recombination of the in-phase and the quadrature components of an OFDM symbol in time domain. Our proposed scheme has two main advantages over the previously known scheme such as iterative partial transmit sequence (I-PTS), which are 1) remarkably lower computational complexity and 2) less required side information overhead than the I-PTS scheme. Based on our derived complementary cumulative distribution (CCDF) of PAPR, we show that our proposed scheme gives only 0.2 - 0.3 dB loss compared to the I-PTS scheme in terms of PAPR threshold while the complexity for the implementation is much reduced. Furthermore, the proposed scheme does not cause any loss of bit error rate performance over both the additive white Gaussian noise (AWGN) channel and the frequency selective channel even though the simulation results regarding the bit error rate (BER) performance is not shown in this paper due to the limited space of the pages.