Try the following code and it gives the exact what you want.
UIGraphicsBeginImageContextWithOptions(imgView.image.size, YES, 0);
CGContextRef context = UIGraphicsGetCurrentContext();
CGContextSetFillColorWithColor(context, [[UIColor redColor] CGColor]);
CGContextFillRect(context, (CGRect){ {0,0}, imgView.image.size} );
CGAffineTransform flipVertical = CGAffineTransformMake(1, 0, 0, -1, 0, imgView.image.size.height);
CGContextConcatCTM(context, flipVertical);
CGContextDrawImage(context, (CGRect){ {0,0}, imgView.image.size }, [imgView.image CGImage]);
UIImage *image = UIGraphicsGetImageFromCurrentImageContext();
UIGraphicsEndImageContext();
[imgView setImage:image];