Justice Suresh Kait granted relief to the Congress leader saying that Shivakumar is not a flight risk.
The judge also said that Shivakumar cannot tamper with evidence as documents are with investigating agencies and there is no material to show he has influenced witnesses.
The court directed that he be released on bail on furnishing a bond of Rs 25 lakh and two sureties of like amount.
Shivakumar, 57, was arrested by the ED on September 3 in the money laundering case. He is lodged in Tihar jail under judicial custody and had challenged the trial court's order denying him bail in the case.