The court directed Rajagopal to submit a personal bond of Rs 50,000 and two sureties for the like sum and to surrender his passport.
He was further asked to appear before the CBI office here twice a week on Tuesday and Friday and cooperate with the investigating agency.
Rajagopal, who is also the former vice-chairman and MD of Andhra Pradesh Mineral Development Corporation (APMDC), was under judicial custody since his arrest by CBI in November 2011.
The CBI had filed a charge sheet against Reddy and four others, including Rajagopal in the OMC case in December 2011.
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