Okay guys, I got it done (don't know whether it is the right approach yet, however it does support my requirements)

Code bit as below

Code:
 Private Sub Button1_Click(sender As Object, e As EventArgs) Handles Button1.Click

        If (f1.DataGridView1.CurrentRow.IsNewRow) Then
            f1.DataGridView1.CurrentRow.Cells("itemid").Value = Me.DataGridView1.CurrentRow.Cells("itemid").Value
            Dim cell As DataGridViewCell = f1.DataGridView1.CurrentRow.Cells("itemname")
            f1.DataGridView1.CurrentCell = cell
            f1.DataGridView1.BeginEdit(True)
            f1.DataGridView1.CurrentCell.Selected = True
        End If


    End Sub

This way, the button click copies the current form values to main form and sends the focus to the said column.

regards,