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Multiphase interleaved buck converter is a widely used topology to power high current microprocessor load in voltage regulator (VR) applications. The current in each phase of the VR is required to be balanced under static and dynamic load conditions without high amplitude beat frequency oscillation. A voltage mode controlled phase current balancing technique is presented in this paper followed by thorough analysis and modeling to address the problems and the corresponding solutions. The presented method can be generally applied to parallel AC-DC and DC-DC converters as well.