Nov 17 (Reuters) - Australia's Pendal Group and buyer Perpetual Ltd will tweak the buyout structure of their agreed-to A$2.34 billion ($1.58 billion) deal by reducing the cash component and hiking the stock component, the companies said on Thursday.

The fund manager had earlier this year accepted a sweetened offer from the larger rival Perpetual, before a consortium comprising of EQT-owned Barings Private Equity Asia (BPEA) and Regal Partners approached Perpetual over a now-rejected buy-out offer last week.

The fresh amendments to the existing agreement include an increase to the scrip component to one Perpetual share for every seven Pendal shares, instead of one perpetual share to every 7.5 Pendal shares announced earlier.

The changes also highlight a 3.5 Australian cent reduction in its cash consideration to A$1.650 per share.

"The Pendal Board continues to unanimously recommend Pendal shareholders vote in favour of the Scheme in the absence of a superior proposal," said Deborah Page, Chairman of Pendal.

The revised consideration shuffle has an implied value of A$6.161 per share which is almost equal to the previously decided value of A$6.187 per share.

Separately, Perpetual said it will retain a majority ownership of the combined group with the deal expected to remain double-digit earnings per share accretive to the company's shareholders in the first 12 months post-completion. ($1 = 1.4837 Australian dollars) (Reporting by Roushni Nair in Bengaluru; Editing by Krishna Chandra Eluri)