SAN FRANCISCO (Reuters) - Take-Two Interactive Software Inc (TTWO.O) said on Thursday it will release the highly anticipated "Grand Theft Auto IV" video game on April 29, sending its shares up about 11 percent.

The announcement lays to rest lingering concerns over Take-Two's most valuable property, which was delayed from its original release date last fall.

The title is the latest installment of the "GTA" franchise, one of the most popular video game series of all time and one that has stirred controversy for casting players as thugs who steal cars, run drugs and murder rivals.

"GTA IV," widely expected to be the top-selling title of 2008, will be released for Microsoft Corp's (MSFT.O) Xbox 360 and Sony Corp's (6758.T) PlayStation 3 home gaming consoles, Take-Two said.

Take-Two shares were up $1.57, or 10.9 percent, to $16.03 in mid-morning Nasdaq trade. The stock has fallen 11.6 percent over the past year but has risen 30 percent since hitting a year low of $12.25 when it delayed "GTA IV" in August.