Thirty-eight Australian universities stand to raise nearly $70 million each following a proposal for a restructure within IDP Education that would give each institution direct control over its stake in the company.

Under the proposal, the universities, which own 40 per cent of a holding company called Education Australia, would see 25 per cent distributed to each university with the remaining 15 per cent stake sold via a block trade valued at nearly $1 billion by December 11.