Asrani had approached the high court seeking the relief on the ground that his health was deteriorating and he needs immediate liver transplant.
Senior counsel Adhik Shirodkar, appearing for the accused, told the court that Asrani's liver was severely damaged and he needs to undergo surgery.
A division bench of Justices V M Kanade and P D Kode accepted the argument and granted him bail on a cash bond of Rs 50,000.
Ever since his arrest in July last year, Asrani got admitted to state-run J J Hospital on several times.
Asrani and others, including journalist Jigna Vora, have been booked under the stringent provisions of MCOCA in the murder case.
He is accused of calling Dey (56) to a suburban hotel and identifying him to the shooters of gangster Chhota Rajan who allegedly shot the senior scribe dead in suburban Powai on June 11, 2011.