Hi @Phani,
I would probably use some variables and a logging command of Azure Pipelines, https://docs.microsoft.com/en-us/azure/devops/pipelines/scripts/logging-commands
You could use a PowerShell task to execute these kind of commands.
Below is an example of a flow which queues a new build, waits for it to finish and creates a release with the latest build number.

The end result should look something like like below:

In Azure DevOps I used the settings below.
1. Build Pipeline has the following variable

2. In the options the Build number format is set to use the new variable.

3. The Release Pipeline has the following variable.

4. The Release Pipeline uses a PowerShell task which updates the release name with a logging command.

Hopefully this helps a bit?