The bail conditions include surrendering his passport, furnishing a bond of Rs 1 lakh and a pledge to stay away from witnesses in the case.
This is the third time Dileep had approached the High Court for bail. He had also sought bail earlier twice from the trial court.
Dileep was arrested on July 10. The bail comes at a time when the police are set to file a chargesheet.
The arguments on the bail plea got over on Friday.
As news spread that the actor has got bail, his fans started reaching in large numbers the Aluva sub-jail near here where he has been lodged since his arrest.
Actor Mahesh, who had been defending Dileep all through, expressed happiness.
"Every time a bail plea was moved, we hoped against hope that he would get bail. Finally, the prayers of his fans have been answered," he said.
The abduction took place in February when the actress was on her way from Thrissur to Kochi.
She was taken around in her vehicle forcefully for about two hours before being dumped near an actor-director's home.
The key accused -- Pulsar Suni and his accomplices involved in the actual abduction -- were arrested a week later. After detailed questioning, police unearthed a conspiracy angle in the abduction and arrested Dileep.