Airport investment vehicle Carrington Trust took advantage of a chance last year to buy 600,000 ordinary shares in Village in a private transaction.

But as the builder issued stock in early 2012 to raise capital to service more than $30 million in high-interest ''mezzanine'' debt, some of it attracting rates of more than 17 per cent, Village said it would not sell any more shares to Airport managing director Stephen Byron's companies.

Now Mr Byron says the Village board's refusal to sell him another 200,000 shares is ''discriminatory.''

This is the latest round in the feud between the two companies that has raged for 12 years over Village's ambitions build up to 7000 homes under Canberra Airport flight paths across the NSW border at Tralee.

The NSW government decided last year to approve the construction of 2000 homes in the Tralee area.

Documents produced by Village to support its share issue shows the builder, Canberra's leader in the affordable housing sector, is paying up to 17.5 per cent interest on some short-term loans, some of which have been provided by its own directors.

Village managing director Bob Winnel could not be contacted for comment on Tuesday.

The purchase of a stake in Village is the second raid by the airport on strategic footholds in the builder's company or assets after the airport acquired a small piece of land at Tralee in 2011, a move that remains subject to legal action, but details of the case cannot be reported for legal reasons.

In a string of emails between the two companies seen by The Canberra Times, Mr Byron's bid for the second round of shares, higher value ''preferential'' stock, was rejected. Village company secretary Vince Whiteside broke the news to the airport boss by email.

''Board has advised that it would be inappropriate to consider any offer of additional shares to you, at a time when there is strong legal disputation in existence between Canberra Airport and Village Building,'' Mr Whiteside wrote on February 19.

''I will return your application form and cheque by express mail today.''

Mr Byron expressed his unhappiness at the decision by return email.

''I am concerned as a shareholder of Village Building Company that my company and I are being treated differently and are being disadvantaged as compared to other shareholders,'' he wrote.

The airport chief wants to see the minutes of the meetings of the Village board where the decision was made not to sell any more shares to the airport.

Village eventually issued 2.6 million of the preferential shares at $1 each, but Mr Byron said he was unhappy that his investment vehicle Carrington Trust had been excluded from an offer that promised to return up 16.2¢ a share, fully franked.

''We'll wait to hear from the board and consider our options as shareholders,'' Mr Byron said on Tuesday.