UPDATE 1-Adcock FY profit up, unveils affirmative action deal

* Headline EPS up 16.1 pct

* Unveils R1.3 bln BEE deal

* Sees volume growth ahead

(Adds details)

JOHANNESBURG, Nov 24 (Reuters) - South Africa's No.2 drugs maker Adcock Ingram (AIPJ.J) posted a 16.1 percent rise in full-year profit bolstered by volumes growth and price increases and said it expected further volume growth.

Adcock, which makes painkillers such as Panado and flu remedy Corenza Para-C, said on Tuesday headline earnings per share rose to 450 cents.

Revenue increased 21.3 percent to 4 billion rand ($533.8 million), boosted by a 12 percent volume growth and government's granted price increase of 13.2 percent.

The company --the biggest over-the-counter medicine maker in South Africa -- said it expected further volume growth in its core business.

"Whilst current economic conditions remain challenging, particularly at a consumer level, Adcock expects further volume growth in its core businesses," it said.

The company said, in a separate statement, it would sell 13 percent stake for 1.3 billion rand to black investors to meet government's affirmative action targets.

The transaction would be funded through a combination of unencumbered equity from the black economic empowerment partners and vendor facilitation from Adcock Ingram, the company said.

(Reporting by Tiisetso Motsoeneng) ((tiisetso.motsoeneng@thomsonreuters.com; +27 11 775 3122 Reuters Messaging: tiisetso.motsoeneng.reuters.com@reuters.net))

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