A multi-phase voltage regulator comprises a plurality of current supplying stages, each current supplying stage configured to supply a local output current equaling at least a portion of a load current output from the multi-phase voltage regulator; and a plurality of control circuits, each control circuit coupled to a respective one of the plurality of current supplying stages, wherein each control circuit calculates a control signal based, at least in part, on a sampled current representative of the respective local output current and a sampled current representative of a master output current. The control signal from each control circuit causes the respective current supplying stage to be disabled gradually over a first time interval if the sum of the local output current and the master output current is detected as being below a respective first predetermined level.