The two founding executive directors of Cairn Homes, Michael Stanley and Alan McIntosh, have purchased additional shares in the company under its share placement scheme.

Mr Stanley, the chief executive, and Mr McIntosh each purchased 129,870 shares at a total price of almost €200,000, a notification to the stock market confirmed.

The Irish residential homebuilder, which is listed in London, raised €51.9 million from a share sale earlier this month to give itself flexibility to continue to acquire residential development land.

This brought to €722.5 million the amount of equity the group has raised since its initial public offering in June 2015. The ordinary shares were priced at €1.54.